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Suppose that the supply and demand for milk are given by the following equations where Q is the quantity in units of milk and P

  1. Suppose that the supply and demand for milk are given by the following equations where Q is the quantity in units of milk and P is the price per unit of milk:

Supply of Milk: Q = 0.50P - 3

Demand for Milk: Q = 27 - 0.30P

Algebraically (mathematically) determine the equilibrium price and quantity in the milk market. Show all work.

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