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Estimates the quantity equilibrium

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An economist estimates that a market has a demand curve of the form P = 45 - (1.5) Q and a supply curve of the form P = 4 + (2.25) Q. (See the curves graphed in the figure below.) Accordingly, she estimates that the quantity equilibrium ( Q e) in this market will be 10.93 (or 10.933333) and that the equilibrium price ( P e) in the market will be ____. (Answer may be rounded to nearest hundredth.)

Reference no: EM133078721

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