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Fuel costs have risen sharply during recent years as consumption, refining and production costs have increased. Demand and supply conditions in the perfectly competitive domestic

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Fuel costs have risen sharply during recent years as consumption, refining and production costs have increased. Demand and supply conditions in the perfectly competitive domestic crude oil market are: P = R105 - 150 (Demand) P = R5750- 0.750 (Supply) where P is price per barrel and Q is quantity in millions of barrels per day. Determine algebraically the equilibrium industry price/output combination

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