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Please answers the questions in the photo attached. 5. Consider the market for Good X. a. Suppose that consumers do not buy any of Good

Please answers the questions in the photo attached.

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5. Consider the market for Good X. a. Suppose that consumers do not buy any of Good X at the price of $120, and for every $10 decrease in price, the quantity consumed in- creases by 20. Write the equation for the de- mand curve of Good I. b. Suppose that producers do not produce any of Good X at the price of $50, and for every $10 increase in price, the producers increase the quantity produced by 30. Write the equation for the supply curve of Good X. c. Find the equilibrium price and quantity. d. At What price does this market have a shortage of 40'? e. At What price does this market have a surplus of 60

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