Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q³ and supply is P = 2,000 + 4Q³.
a. Find the equilibrium price and quantity.
b. Calculate consumer surplus at the equilibrium price.
c. Calculate producer surplus at the equilibrium price.

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The Answer of Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q³ and supply is P = 2,000 + 4Q³. a. Find the equilibrium price and quantity. b. Calculate consumer surplus at the equilibrium price. c. Calculate producer surplus at the equilibrium price.

Suppose That the Demand Curve for an Advanced Technology Product