Obtain the market demand and market supply schedules

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Reference no: EM131165032

There are 10,000 identical individuals in the market for medical service X, each with a demand function given by Qdx=12-2Px and 1,000 producers of medical service X each with the function Qsx=20Px.

i. Find the market demand function and the market supply function for commodity X.

ii. Obtain the market demand and market supply schedules and from them the equilibrium price.

iii. Obtain the equilibrium price and equilibrium quantity mathematically.

Reference no: EM131165032

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