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Can you please verify the attached graph is correct for the following questions? Demand for parking in the City of Chambana is given by Q
Can you please verify the attached graph is correct for the following questions?
Demand for parking in the City of Chambana is given by Qd= 180 - 0.5P, and the supply is Qs= P - 60, where price is in cents per car per day and quantity is in hundreds of cars parked per day.
- Draw a graph of the given demand and supply curve and label it as D0 and S0.
- Indicate numerically all relevant intercepts for your demand and supply curves on your graph.
- Find the short run equilibrium price and quantity in this market and label the numbers you found on the graph.
- State your equilibrium price and quantity under your graph; be careful in correctly using the units of measurement indicated in the directions for this question.
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