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Again, demand is QD = 32 − 1.5P and supply is QS = −20 + 2.5P. Now, however, buyers and sellers have transaction costs of $2 and $3 per unit, respectively. Compare the equilibrium values with those you calculated for Problem 14. Problem 14In a perfectly competitive market, demand is QD = 32 − 1.5P and supply is QS = −20 + 2.5P. Find equilibrium price and quantity and producer and consumer benefits. Say an innovation then lowers every seller’s marginal costs by $5 at all outputs. Find the new price, quantity, and producer and consumer surpluses.
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