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March 28, 2017

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If aggregate demand for a product is Qd = 600 – 20P and supplys Qs = 304 + 12P, what would be (1) the equilibrium price and (2) the equilibrium quantity? Also (3) prepare a well calibrated graph illustrating Qd and Qs. Placeprice on the vertical axis and quality on the horizonal axis.

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