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    Demand and supply relationships

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    The following equations describe the demand and supply relationships for fragles:
    Qd = 189 -2.25P
    Qs = 124 + 1.5P

    a. What is the equilibrium price and quantity?
    b. The Agriculture Department sets a minimum price of $25.00 a pound. Will there be a surplus or a shortage? What will be the quantity demanded and the quantity supplied at this new price?

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    https://brainmass.com/economics/general-equilibrium/demand-supply-relationships-224744

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    The following equations describe the demand and supply relationships for fragles:
    Qd = 189 -2.25P
    Qs = 124 + 1.5P

    a. What is the equilibrium price ...

    Solution Summary

    The expert examines demand and supply relationships.

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