Question: The following table gives some data on the demand for long-distance telephone calls: Price (cents/minute) Qd in the Short-Run (millions of minutes/day) Qd in the

The following table gives some data on the demand for long-distance telephone calls: Price (cents/minute) Qd in the Short-Run (millions of minutes/day) Qd in the Long-Run (millions of minutes/day)

P QD(SHORT RUN) Qd(long run)

10 700 1000

20 500 500

30 300 0

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