Using the equation solve for equilibrium price and quantity

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Reference no: EM131101322

Housing market has the following supply and demand functions:

Qd=130-3P

Qs=-10+2P

1. Using the equation solve for equilibrium price and quantity

2. Draw a graph of these functions. label the intercepts and equilibrium numerically. label the areas on the graph that represents Cs and PS in this market assuming the market is in equilibrium.

3. Find the numerical values Cs and PS assuming that the market is in equilibrium.

Reference no: EM131101322

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