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Supply and Demand. Qs, Qd. Market Clearing Price. a,b,c 2. Suppose the demand for wine is given by Q; = 220 SP and the supply

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Supply and Demand. Qs, Qd. Market Clearing Price. a,b,c

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2. Suppose the demand for wine is given by Q; = 220 SP and the supply of wine is given by Q = 20 + 3P. a. Solve for the market clearing price and quantity. Be sure to show your work. (15 points) b. Explain how the demand curve equation represents the first law of demand. (10 points) c. Explain how the supply curve equation represents the direct relationship between price and quantity supplied. (10 points)

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