1. Assume a demand and supply curve have the following slopes: Demand curve:

1. Assume a demand and supply curve have the following slopes:
Demand curve: 100 – .75q
Supply curve (marginal cost): 10
Graph and Label the following:
a. Equilibrium point (price and quantity)
b. Total Willingness to Pay
c. Total Costs
d. Net Benefits
Change the curves to the following:
Demand curve: 150 – q2 + 2q
Supply curve: 6 + 2q
Find the Equilibrium point (price and quantity)

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