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Suppose That the Demand and Supply Curves for a Good

question 6

Essay

Suppose that the demand and supply curves for a good are given by QD = 1,000/P and QS = 10P.
a. What are the equilibrium price and equilibrium quantity?
b. Explain what is happening in the market at a price of $2.
c. Explain what is happening in the market at a price of $20.

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