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Question 1) Consider a market with the following demand and supply curves: Q D = ( 3 1 0 0 ) ( 3 1 )

Question 1)

Consider a market with the following demand and supply curves:

QD=(3100)(31)P

QS=5+(21)P

A. Find the equilibrium price and quantity in this market

B. Plot the supply curve, demand curve, and equilibrium. Make sure to label each

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