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You are given the following equations where P is price and Q is quantity:
Equation 1: P = 300 - 10Q Equation 2: P = 5Q
a.Which equation represents the demand curve? Why?
b.What is the equilibrium price and equilibrium quantity?
c.At a price of $150, is there a shortage, surplus, or neither? If there is a shortage or surplus, what is the amount of that shortage or surplus?
Irish Immigrants
refers to people from Ireland who moved to another country, especially to the United States in the 19th and early 20th centuries, often escaping famine and seeking better economic opportunities.
North America
A continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere, including countries such as Canada, the United States, and Mexico.
Atlantic Slave Trade
The transatlantic trading of African slaves by European traders, mainly to the Americas from the 16th to 19th centuries, part of the global slave trade.
Rhode Island
The smallest U.S. state by area, located in the New England region, known for its sandy shores and maritime history.
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