The equilibrium price and quantity

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Reference no: EM1330882

The following equations describe the demand and supply relationships for fragles:

Qd = 189 -2.25P

Qs = 124 + 1.5P

a.) What is the equilibrium price and quantity?

b.) The Agriculture Department sets a minimum price of $25.00 a pound. Will there be a surplus or a shortage? What will be the quantity demanded and the quantity supplied at this new price?

Reference no: EM1330882

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