Calculate the equilibrium price and quantity in this market

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Reference no: EM131074817

The market supply and demand functions for a product traded on a perfectly competitive market are given below: QD = 40 – P QS = -5 + 4P Based on this information,

1. Calculate the equilibrium price and quantity in this market.

2. Now, suppose the competitive market in Exercise 12 is monopolized. Calculate the price and quantity for the monopolist.

Reference no: EM131074817

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