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1. Suppose the market demand curve for a good is Qd=1000-10p and the market supply curve is given by Qs=100+20p required. i Calculate the equilibrium

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1. Suppose the market demand curve for a good is Qd=1000-10p and the market supply curve is given by Qs=100+20p required. i Calculate the equilibrium price. (4 Marks) ii) Calculate the equilibrium quantity. (2 Marks) iii) Illustrate the concept of market equilibrium. (4 Marks)

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