Question: Suppose the supply function for a product is 2 p q 30 = 0, while the demand function for the same product is ( p

Suppose the supply function for a product is

2p q 30 = 0,

while the demand function for the same product is

(p + 10)(q + 30) = 8,400.

Solve the supply function for q.

q =

Substitute this value for q in the demand equation.

Find the equilibrium price.

$

Find the equilibrium quantity.

Determine the market equilibrium point.

(q, p) =

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