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Given that the demand and supply equations for a product are as follows: Qd= 2000 - 60P and Qs= 400 + 20P (i) Calculate the

Given that the demand and supply equations for a product are as follows: Qd= 2000 - 60P and Qs= 400 + 20P (i) Calculate the market equilibrium. (4 marks) (ii) Assuming that the Total Cost incurred by a firm is Rs 1100, what is the profit made if it sells only 65 units.

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