Suppose that the demand and supply functions for good X are
a. Equilibrium price is $__________ and equilibrium quantity is __________ units.
b. If price is $8, then a ______________ of _______ units occurs. If price is $12, then a _____________ of _________ units occurs.
c. Let the demand function change to
. Given the ORIGINAL supply function, the equilibrium price is $__________ and equilibrium quantity is __________ units.
d. Let the supply function change to
. Given the ORIGINAL demand function, the equilibrium price is $__________ and equilibrium quantity is __________ units.
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