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Demand and Supply [2 pts] Consider the the daily supply and demand for coffees on campus as: Supply: QS = 30P - 20, Demand: QD

Demand and Supply [2 pts] Consider the the daily supply and demand for coffees on campus as: Supply: QS = 30P - 20, Demand: QD = 124 - 18P, where P is the price of coffee and Q is measured in hundreds per day. Questions: Find the equilibrium price and quantity. 1. What is the equilibrium price? [1 pt] 2. What is the equilibrium quantity? [1 pt]

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