Question: Qd=a-bP (a,b> 0 ) Qs=-c+dP (c,d> 0 ) Qd=Qs (a) Find and interpret the effect of a change in b on the market's equilibrium price

Qd=a-bP (a,b>0) Qs=-c+dP (c,d>0) Qd=Qs (a) Find and interpret the effect of a change in b on the market's equilibrium price and quantity. (b) Illustrate your result for part a by sketching a graph in inverse space (economics convention). (c) Repeat part a for a change in d. (d) Illustrate your result for part c by sketching another graph in inverse sp

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