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Determine the price and quantity at equilibrium

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Reference no: EM133049095

Question - Consider the following: If the price per unit of good A is P200 quantity purchased is valued at 4,700 units and quantity supplied equals 1,400 units. If price changes by P1, quantity demanded changes by 4 units for consumer demand and quantity supplied changes by 2 units.

Required -

A. Determine the price and quantity at equilibrium, using algebraic solution.

B. Graph demand and supply curves on one set of axes and highlight the following: price-intercepts of demand and supply curves, quantity-intercepts of demand and supply curves, and the equilibrium point. (Make sure to LABEL your graph accordingly.)

Reference no: EM133049095

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