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Suppose demand can be described with the equation Q = 900 - 5P and supply with the equation Q = 100 + 5P.
a.Determine the equilibrium price and quantity.
b.Determine the surplus or shortage if the price were $100.
Contribution Rate
The percentage of income that is saved or invested, often in the context of pension plans or retirement savings.
Fixed Costs
Stable costs encompassing rent, salaries, and insurance, unaffected by variations in production or sales levels.
Break-Even
The point where overall expenses match overall income, leading to neither a profit nor a loss.
Variable Costs
Expenditures that adjust according to the quantity of goods or services produced by an enterprise.
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