Demand: Consider the following US reduced supply and demand equations for commodity X: Q d X =
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Question:
Demand:
Consider the following US reduced supply and demand equations for commodity X:
QdX = 400 - 2 PxandQsX = -100 + 3 Px
What are (i) the equilibrium price per unit of product; (ii) Quantity of this product sold at this price; and (iii) what were the revenue for the producer(s)?
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