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What is the equilibrium price

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Assignment:

Demand Equation: Qd = 80 - 2P

Supply Equation: Qs = 18 + 4P

  1. What is the equilibrium price? What is the equilibrium quantity?
  2. Hint: Equate Qd = Qs. Solve for the equilibrium price and then the quantity.
  3. Assume the government places a price ceiling at $5 in the market. What is the quantity demanded? What is the equilibrium?

Reference no: EM133440686

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