Question: Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.) p 40

Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.) p 40 30 20 10 10 20 30 40 50 60 q 6) (a) If the price is $34, what quantity is demanded? (b) If the price is $34, what quantity is supplied? (c) Is there a surplus or shortage when the price is $34? 0 surplus O shortage How many units is the surplus or shortage? E units Need Help? [10.6 Points] DETAILS HARMATHAP12 1.6.044.M|. Find the market equilibrium point for the following demand and supply functions. Demand: ,0 = 2q + 294 SLpply: ,0 Sq + 5 {q.p)=( )

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