Product Demand Curve
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A product's Demand Curve is: Qd=25-P and its Supply Curve is: Qs =10 + 2P
a. When P = $20 WHAT is the difference, if any between Qd and Qs
b. When P= 43, what is the difference if any between Qd and Qs
c. What are the equilibrium values of P and Q.
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Solution shows the equilibrium values of P and Q.
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a. When P = $20 WHAT is the difference, if any between Qd and Qs
- Insert P = $20 in demand and supply curve expressions
Qd = 25 - 20 = 5
Qs = 10 + 2*20 = 50
Difference is 50 - 5 = 45
b. When P= 43, what is the difference if any between ...
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