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Question 4. [8 points] If the demand is given by the equation Q = 56 - 3P and the supply is given by QS =14

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Question 4. [8 points] If the demand is given by the equation Q = 56 - 3P and the supply is given by QS =14 + 4P. E Price Quantity a. [4 points] Calculate the equilibrium price and equilibrium quantity. b. [4 points] Calculate the price elasticity of demand between P=5 and P=6

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