2. a) If Qd = 100 - 5P and Qs = 10 + P, what are the...
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2.
a) If Qd = 100 - 5P and Qs = 10 + P, what are the equilibrium values of price and quantity?
b) If demand increases by 12 and price remains the same as in (a), will there be a surplus or a shortage?
How much?
c) If demand increases by 12, what will be the new equilibrium price and quantity?
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