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Find the equilibrium price and quantity

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The market supply and demand equations for a given product are given by the expressionsQD=200-50pQS=-40+30P

a. Find the equilibrium price and Quantity

b. Suppose that there is an increase in demand and supply to

QD=300-50P

QS=-20+30P

Respectively, find the new equilibrium point. In addition to this, show the impact of change in demand and supply using a single graph

Reference no: EM132603537

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