Find out equilibrium price and output for market condition

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Reference no: EM13853949

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: EM13853949

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