6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P...

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6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P - 400

a. Calculate and graph the market equilibrium, P and Q

b. If the government raises the price to $105, calculate and graph the surplus or shortage that it creates

Related Book For answer-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Posted Date: Mar 06, 2024 04:40 AM

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6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P...

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