Suppose market demand and supply are given by Qd = 100 - 2P and Qs = 5 + 3P. Find the equilibrium price and quantity. Show your work.
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The equations given are Qd = 100 - 2P and Qs = 5 + 3P. Therefore, set them equal to each other: \[ 100 - 2P = 5 + 3P \] Show more…
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