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Question 2 Suppose you are researching the market of laptops. The demand and supply function of laptops are given by: Demand Function: P=100-8Q and Supply

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Question 2 Suppose you are researching the market of laptops. The demand and supply function of laptops are given by: Demand Function: P=100-8Q and Supply function: P= 68-4Q. Calculate the equilibrium price and quantity. If equilibrium price rises by 10%, what is the new equilibrium quantity. Calculate PED. 4 marks

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