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The demand and supply equations for a product are given by the following equations: Demand: Q D = 50 -4P Supply: Q S = -10

The demand and supply equations for a product are given by the following equations:

Demand: Q_D = 50 -4P

Supply: Q_S = -10 +2P

Calculate the equilibrium price and quantity.

Determine the quantity that will be bought and sold in the market if the Government imposes a price ceiling of $8? What if the ceiling is set at $11?

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