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61. Suppose that the demand and supply curves for a good are given by Qp 1,000 and Qs 10P. %3D What is the equilibrium

61. Suppose that the demand and supply curves for a good are given by Qp 1,000 and Qs 10P. %3D What is the equilibrium price and equilibrium quantity How many units is the excess demand at a price of $2? How many units is the excess supply at a price of $20?

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We are given Qd 1000P Qs 10P a At equilibrium Qd Qs Therefore 1000P 10P By cross multiplication ... blur-text-image

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