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Given the demand and supply functions below,




Given the demand and supply functions below;Qd = 500 -2P;Qs = -100 + 2P;Where Qd is the quantity demanded, Qs Is the quantity supplied, P is the price.;A- Solve for market equilibrium mathematically. (hint, when solving, drop the s and d notations in Qs and Qs and use Q instead.);B- Describe verbally, the effects on equilibrium quantity and equilibrium price of;1- Shifts in supply and demand functions to the right.;2-Shifts in Supply and Demand functions to the left.


Paper#22941 | Written in 18-Jul-2015

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