Question: 4. When Demand Meets Supply - Show your steps! In economics, the demand function of a good :1: is often denoted as D(p) and the

 4. When Demand Meets Supply - Show your steps! In economics,

the demand function of a good :1: is often denoted as D(p)

4. When Demand Meets Supply - Show your steps! In economics, the demand function of a good :1: is often denoted as D(p) and the supply function of it as S(p), where p is the price of good :r. We call ED(p) = D(p) S(p) the excess demand of the good. The market is clear when demand meets supply, i.e. ED(p*) = 0. Suppose that we know both DU?) and S(p) are continuous and ED(1) = 10, ED(2) = 5, ED(3) = 1, ED(4) = 2, ED(5) = 10. Prove that there exists a market clear price 33*. Give an estimate of the possible interval of 39*. Do you need more assumptions on demand and supply function to narrow down the possible range of 19*? Explain why. And if the answer is yes, give a set of assumptions that does the job

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