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Consider the following demand and supply equations: Demand: Qd = 1000 - 2P Supply: Qs P-200 = a. Find the equilibrium price. b. Find

Consider the following demand and supply equations: Demand: Qd = 1000 - 2P Supply: Qs P-200 = a. Find the equilibrium price. b. Find the equilibrium quantity. c. If the market price is $300, would there be a shortage or surplus?

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