Business, 19.07.2021 15:30 shauntleaning

The demand and supply functions for pizza in the local market are: QD = 20,000 - 833P and QS = 5,000 + 417P. a. Calculate consumer and producer surplus in this market.
If the minimum wage is increased by $2 per hour, the new market supply curve becomes Q'S = 4,000 + 417P.
b. Calculate the loss in consumer and producer surplus in the pizza market due to this change.

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The demand and supply functions for pizza in the local market are: QD = 20,000 - 833P and QS = 5,000...

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