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OpenStudy (anonymous):
The demand and supply functions for haggis in the local markets are: Qd =20000-833p and Qs= 5000+ 417P. A. calculate consumer and producer surplus in the market. B. If the minimum wage is increased by $2 per hour, the new market supply curve becomes Q's =4000+417p. Calculate the loss in consumer and producer surplus due to this change
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