Find equillibrium price and quantitiy that prevail in market, Microeconomics

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Find equillibrium price and quantitiy that prevail in market

Consider the following market demand and supply curves.

P=9 + .4 Qs
P=30 - .3Qd

where P is the price per unit in dollars and Qs and Qd are quantities supplied and demanded (in millions of units) respectively. Find the equillibrium price and quantitiy that will prevail in the market. At a price of $10, would there be a surplus or shortage? if so, how much?

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Microeconomics: Find equillibrium price and quantitiy that prevail in market

Reference No:- TGS047863

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Microeconomics: Find equillibrium price and quantitiy that prevail in market

Reference No:- TGS047863

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Explain informal arrangements-using formal financial sector

Q : Gain on the sale of the rental property

Q : Explain additional costs or benefits due to shift

Q : Purpose of a flexible budget

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find equillibrium price and quantitiy that prevail in market

Reference No:- TGS047863

Recent Questions Asked Microeconomics

Q : Explain informal arrangements-using formal financial sector

Q : Gain on the sale of the rental property

Q : Explain additional costs or benefits due to shift

Q : Purpose of a flexible budget

Q : Find equillibrium price and quantitiy that prevail in market

Q : Gain or loss on the redemption

Q : Why is positive unemployment rate-one more than zero percent

Q : What is finch dpgr per unit

Q : Find official unemployment rate and size of the labor force

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