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Given the following market demand and market supply Model Qs = -45 + 8P Qd = 125 2P i) Find the equilibrium price and

Given the following market demand and market supply Model
Qs = -45 + 8P
Qd = 125 – 2P

i) Find the equilibrium price and quantity
ii) Find price elasticity of demand
iii) Comment about the nature of the good.

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