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Suppose the annual demand for liquor in Mississippi is given by the following equation: Qd = 500,000 - 20,000P, where P is the price per gallon and Qd is the quantity of gallons demanded per year. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M963069

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