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Suppose the demand and supply curves of a commodity 'X' in a perfectly competitive market are given by: Qd = 700 - p Qs = 500 + 3p, for p ≥ 15 = 0, for 0 < p < 15 Find the equilibrium price and equilibrium quantity. |
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Answer» Suppose the demand and supply curves of a commodity 'X' in a perfectly competitive market are given by: |
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