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Thedemandandsupplyfunctions for a market are given as: (CLO 2) QS=175-20P P = QD/20+ 40/20 a. Calculate the equilibrium price and the equilibrium quantity in this

Thedemandandsupplyfunctions for a market are given as: (CLO 2)

QS=175-20P

P = QD/20+ 40/20

a. Calculate the equilibrium price and the equilibrium quantity in this market.(5 marks)

b.Calculate the total revenue of sellers in equilibrium.(3 marks)

c. What would happen if the price is set at $9?(2 marks)

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