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An industry has the demand of Qd = 150 -15P and supply curve of Qs = 10P -25.

a) What is the quantity and equilibrium price?

[Hint: Recall what the condition for equilibrium is.]

b) Assume demand raises to Qd = 200-15P. What is the equilibrium price and quantity?

[Hint: This is the new demand equation and supply has still not changed.]

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M914045

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