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A company found that the number of car insurance purchased (quantity demanded or Qd) can be estimated as a function of insurance rate (price
A company found that the number of car insurance purchased (quantity demanded or Qd) can be estimated as a function of insurance rate (price or P). Qd is measured as millions insurance purchased per year. P is the yearly insurance rate and measured as $ 1,000 (K) per year. In 2019, the demand function for the company's car insurance was Qd = 36.6 - 10 * P. Its supply function was Qs = 18 + 2* P. How much is the equilibrium rate and equilibrium quantity in 2019? Note: Do not worry about the units. Just use the numbers given to derive the function
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