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What is the equilibrium price

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Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles. The following relationships describe the supply and demand for movie posters: Qd = 65,000 - 10,000P Qs = -35,000 + 15,000P Where Q is the quantity and P is the price of a movie poster in dollars.

(a) Complete the following table: Price Qs Qd Qs - Qd Surplus/Shortage $6.00 $5.50 $4.50 $4.00 $3.50 $3.00 $2.50

(b) What is the equilibrium price?

Reference no: EM133129839

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