Question

PROBLEM 11:

 

Demand and supply for a good are given as Qd = 100 - 2P and Qs = -8 + P, respectively (Q is in 1000 units). Suppose the market above is a perfectly competitive market. 

  1. Find the market price that producers will sell their product.

 

  1. Find the total quantity sold in this market.

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Supply and Demand

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