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Find linear approximation of the market equilibrium price

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Reference no: EM13877172

Consider a market for a commodity with the following demand and supply functions:

100 P + 1500

Qd =P2 + 10

Qs = P(3)0.02 P - 10

Use the Taylor expansion and find the first degree or linear approximation of the market equilibrium price and quantity.

Reference no: EM13877172

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