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Graph the functions

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Reference no: EM13877157

Assume the following market demand and supply functions

Qd = 100 - 5P0.7
Qs = (2 P - 10)1.1

(a) Graph the functions.

(b) Graph the excess demand function.

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

Reference no: EM13877157

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