Problem involves using supply and demand equations

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Reference no: EM13978394

Problem involves using supply and demand equations.

Suppose the market is defined by

Demand: Q = 20 - 2P

Supply: Q = 10 + 3P

Given these equations, find the equilibrium in the market.

Then, you must find the shortage that exsists in the market when the actual price is equal to P = 1.

Equilibrium Price =

Equilibrium Quantity =

Shortage that exsists ate Price = 1. Shortage =

Reference no: EM13978394

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