question archive   The demand for guided rafting trips through the Grand Canyon is given by p = 42-5qd The supply curve for rafting trips is p = 7 + 2qs

  The demand for guided rafting trips through the Grand Canyon is given by p = 42-5qd The supply curve for rafting trips is p = 7 + 2qs

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The demand for guided rafting trips through the Grand Canyon is given by p = 42-5qd

The supply curve for rafting trips is p = 7 + 2qs.

(a) What are the market equilibrium price and quantity of rafting trips on the Grand Canyon?

(b) Graph the equilibrium. Label the intercepts and the equilibrium price and quantity.

(c) Label the areas on your graph from part b. Indicate which area corresponds to consumer surplus. Indicate which area corresponds to producer surplus.

(d) Calculate consumer surplus.

(e) Calculate producer surplus.

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