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Consider the following market demand and supply curves.

P=9 + .4 Qs
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 equillibrium price and quantitiy that will prevail in the market. At a price of $10, would there be a surplus or shortage? if so, how much?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M947863

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