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Question:

Qd: 1,300 -20P Qs: 100 + 100P Show your solution 1) Solve P* Equilibrium 2) Prove that your computed P* is correct by determining the equilibrium quantity (Q*) 3) What is the market condition if the prevailing 4) What is the market condition if the prevailing price in the market is 5 (P=5)? price in the market is 30 (P=30)