Answer to Question #26105 in Microeconomics for ovais

Question #26105
Suppose that the demand and supply functions for good X are Qd = 50 - 8P and Qs = -17.5 + lOP a. What are the equilibrium price and quantity? b. What is the market outcome if price is $2.75? What do you expect to happen? Why? c. What is the market outcome if price is $65.25? What do you expect to happen? Why? d. What happens to equilibrium price and quantity if the demand function becomes Qd = 59 - 8P?
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Expert's answer
2013-04-17T10:58:02-0400
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