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Suppose the demand for guitars in State College is given

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3. Suppose the demand for guitars in State College is given by Qd = 8,000 ? 10P where Qd is the quantity demanded, and P is the price of guitars. Also, suppose the supply of guitars is given by Qs = 30P ? 2000, where Qs is the quantity supplied of guitars.;a) Calculate the equilibrium price of guitars and the equilibrium quantity of guitars in State College. Show your work.

 

Paper#31514 | Written in 18-Jul-2015

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