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Calculate equilibrium price and quantify

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Reference no: EM131169334

Assume the following demand and supply functions:

Demand: Q = 600 - .1P

Supply: Q = -150 + .5P

(a) Calculate equilibrium price and quantify

(b) Now assume that a seller declares 20% sale on the market equilibrium price. What will happen?

(c) If a seller decides to charge 20% more price than the market equilibrium price, what will happen?

Reference no: EM131169334

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