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Change in the market price

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Reference no: EM131178220

1:-Find out equilibrium price and output for the following market condition.

Demand function Qd=50-2P

Supply function Qs=3P

2:- Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?

Reference no: EM131178220

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