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Equilibrium
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Find the equilibrium demand.
Find the equilibrium price (in dollars).
supply: p = 2000 / 2000-q
supply: p = 7000 - 3q / 2q
2000/2000-q = 7000 - 3q / 2q =>
(See attached file for full problem description)
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Solution Summary
This shows how to use equations to find equilibrium demand and price.
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