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What would you expect to happen to price to solve problem

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Reference no: EM132135815

Suppose the demand schedule in a market can be represented by the equation QD = 500 -10P, where QD is the quantity demanded and P is the price. . Also, suppose the supply schedule can be represented by the equation QS = 200 + 10P, where QS is the quantity supply and P is the price.

Suppose the price is currently equal to $10 in this market. What problem would exist in the market? What would you expect to happen to price to solve this problem? Show this on your graph.

Reference no: EM132135815

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