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Question - The demand and supply schedules for sunscreen at a small beach are shown below.
Market for Sunscreen
Price (dollars per bottle)
Quantity of Sunscreen Demanded (bottles)
Quantity of Sunscreen Supplied (bottles)
$30
1,400
8,900
25
2,400
7,400
20
3,400
5,900
15
4,400
10
5,400
2,900
5
6,400
Required -
a. If the price is $25 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium?
b. What is the equilibrium price and quantity in the market for sunscreen?
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