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Problem 1
a. Estimate the demand equation for the product.
Month
Price
Amount
January
18
50
February
16
55
March
14
60
April
12
65
May
10
70
June
8
75
b. Estimate the supply equation that the product presents.
11
90
110
13
130
150
15
170
c. If that buyer and seller of the above data come together in a market, will it be possible for the breakeven point to be obtained? Use the graphical and mathematical process to find the solution
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