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Suppose Demand Can Be Described with the Equation Q =

Question 333

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Suppose demand can be described with the equation Q = 900 − 5P and supply with the equation Q = 100 + 5P.
a. Determine the equilibrium price and quantity.
b. Determine the surplus or shortage if the price were $100.

Correct Answer:

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a. Equate the supply and demand as follo...

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