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Answer the question 1. The original market demand and market supply functions for good X are: Q. = 15000 - 2500P Q. = 1500P Assume

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1. The original market demand and market supply functions for good X are: Q. = 15000 - 2500P Q. = 1500P Assume consumer's income and production technology for good X increase at the same time. Therefore, the new market demand and market supply functions are: Q. = 18000 - 3000P Q. = 7000 + 1000P a) Calculate the original equilibrium price and quantity. b) Calculate the new equilibrium price and quantity

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