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Question: suppose the domestic supply and demand curves for mp3 players...

Question details

Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:

QS = -25 + 10P
QD = 925 – 5P

In the absence of trade with the rest of the world, the amount of consumer surplus in the United States MP3 player market is _____ and the amount of producer surplus in the United States MP3 player market is______.

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