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Chapters 1-2 Problems 0 Submitted 6 Suppose the demand function for a product is given by Qd = 60 P, and the supply function is

Chapters 1-2 Problems 0 Submitted 6 Suppose the demand function for a product is given by Qd = 60 P, and the supply function is given by 23 points awarded Q3 = 9P . Scored Instructions: Round your answers to three decimal places. a. The equilibrium market price is $ 6.000 0 . eBook References b. The equilibrium market quantity is | 54.000 0. c. The elasticity of demand at the equilibrium price is -0.133 0

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