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Answer to Question #150028 in Economics for Hermella
Question #150028
Suppose that market demand and supply function of product x are as follows DD=1000+40P
SS=600+4P what is the equilibrium price and equilibrium quantity of x
SS=600+4P what is the equilibrium price and equilibrium quantity of x
Expert's answer
The equilibrium price and equilibrium quantity of x are:
DD = SS,
"1000 - 40P = 600 + 4P,"
P = 9.1,
x = 600 + 4×9.1 = 636.36 units.
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