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$Old$ May 20th, 2009, 10:52 PM

unknown1 $unknown1 is offline$

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$Default$ Applied Economics

Given the demand and supply functions for a firm operating under imperfect competition, calculate the consumer and producer surplus.

Given : demand p=113-q^2
supply p=(q+1)^2

I have managed to calculate the equilbrium price (p)=64 and the output (q)=7, but cannot work out how to calculate the consumer or producers surplus.

Any ideas?

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