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2 suppose the demand and supply curves for a good...

Question: 2 suppose the demand and supply curves for a good...

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2. Suppose the demand and supply curves for a good are: Qd 750-4P Qs -75 + 3P

Graph the supply and demand curves. a. b. Find the equilibrium price and quantity (show your calculations). c. If the current price of this product is S100, what is the quantity supplied? What is the quantity demanded? Is there a surplus or a shortage? What would you expect will happen to price and quantity? Explain.

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