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Suppose Demand and Supply in a Market Can Be Expressed

Question 159

Essay

Suppose demand and supply in a market can be expressed by these equations:
QD = 40 - 0.5P
QS = 15 + 2P
If the prevailing market price is $14,what are the quantity demanded and the quantity supplied?

Correct Answer:

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Substitute 14 for P in each eq...

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