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Please solve the following problem: Consider the following supply and demand curves for a certain product Qs=25,000P Qp=50,000-10,000P Plot the demand and supply curves. What

Please solve the following problem:

Consider the following supply and demand curves for a certain product

Qs=25,000P

Qp=50,000-10,000P

  1. Plot the demand and supply curves.
  2. What are the equilibrium price and equilibrium quantity for the industry? Determine the answer both algebraically and graphically. (Round to the nearest cent)

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