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QUESTION
Gathering supplies for a New Year's celebration, Harpua has demand for balloons given by p = 8 q, while Tela's demand is p = 2 q.
- Gathering supplies for a New Year's celebration, Harpua has demand for balloons given by p = 8 − q, while Tela's demand is p = 2 − q. To determine market demand, assume that Harpua and Tela are the only customers in this market. If market supply is given by p = q/8 , what is consumer surplus at the competitive equilibrium?
