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Q1) Given the following demand and supply equations, find the equilibrium price and quantity Q = 100 - 20P Q = 20 +20P What is

Q1) Given the following demand and supply equations, find the equilibrium price and quantity

Q = 100 - 20P

Q = 20 +20P

What is P and Q?

Q2) For a monopolist's product, the demand function is:

P = 24-q

And the average cost function is:

AC = 5q

At what level of output will profit be maximised?

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