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4. The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations: Q = 24,000 - 500P, & Q =

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4. The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations: Q = 24,000 - 500P, & Q = 6,000 + 1,000P Where P is measured in dollars and Q is the number of T-shirts sold per year. a. Find the equilibrium price and quantity algebraically. b. If tourists decide they de not really like T-shirts that much, which of the following might be the new demand curve? Q = 21,000 - 500P, or Q = 27,000 - 500P Find the equilibrium price and quantity after the shift of the demand curve. c. If, instead, two new stores that sell T-shirts open in town, which of the following might be the new supply curve? Q = 4,000 - 1,000P, or Q = 9,000 + 1,000 P Find the equilibrium price and quantity after the shift of the demand curve

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