What are the equilibrium price and quantity for this product

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Question: The demand curve for a particular good is given by the equation Qd = 5000 - 20P. The supply curve is Qs = -500 + 30P. What are the equilibrium price and quantity for this product? Use a diagram to illustrate the solution. If the supply curve shifts to Qs = -200 + 30P, what will be the new solution? In the same diagram, illustrate the change in the equilibrium position.

Reference no: EM133364325

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