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Answer to Question #268788 in Microeconomics for ella

Question #268788

consider market in which demand and supply equations are given by the following equations :

Qd = 400- 20P

Qs = 40P- 200

calculate the equilibrum price


1
Expert's answer
2021-11-21T17:11:19-0500

At equilibrium price:

"Qd=Qs"

"400-20P=40P-200"

"400+200=40P+20P"

"600=60P"

"P=10"


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