Solve for equilibrium yearly quantity and price of liquor

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Reference no: EM1351812

Assume the annual demand for liquor in Mississippi is given by the following equation: Qd = 500,000 - 20,000P, where P is the price per gallon and Qd is the quantity of gallons demanded per year. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.

Reference no: EM1351812

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