Find out the equilibrium price and quantity that will, Ask an Expert

Economics

Consider the following market demand and supply curves.

P = 9 + .4QS

P = 30-.3QD

where P is the price per unit in dollars and Qs and QD are quantities supplied and demanded (in millions of units) respectively. Find the equilibrium price and quantity that will prevail in the market. At a price of $10, would there be a surplus or shortage? If so, how much?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9280606

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