The demand and supply curves for newspapers in a Midwestern city are given by
QD = 152 - 20P
QS = 188P - 4
where Q is measured in thousands of newspapers per day and P in dollars per newspaper.
Find the equilibrium price and quantity.
The equilibrium price is dollars.
The equilibrium quantity is thousand newspapers.
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Calculate the consumer surplus at the equilibrium price.
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Calculate the producer surplus at the equilibrium price.
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