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Answer to Question #333776 in Microeconomics for Comfort
Question #333776
Given the demand for a product as Qd = 90 - 7P and the supply is given as Qs = -60 + 8P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium price for the product is
Expert's answer
"Q_d=Q_s,"
"150=15P,"
"P=10,"
"Q_d=Q_s=20."
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