The equilibrium price and quantity

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Question: The Gifts Galore Catalog Company estimates the demand equation for its portable video recorder/player to be p = -10x + 640, where x is the demand quantity (in thousands) & p is the price. The supply equation is estimated to be p = 12.5x + 325, where x is the supply quantity (in thousands) & p is the price. Determine the equilibrium quantity and price.

Reference no: EM1314201

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