For each of the following sets of supply and demand curves, calculate
For each of the following sets of supply and demand curves, calculate equilibrium price and quantity.
a. QD = 1000 – P; QS = P
b. QD = 1500 – 2P; QS = 100 + 2P
c. QD = 2000 – 3P; QS = -300 + 3P
ANSWER
a. Q = 500, P = 500
b. Q = 800, P = 350
c. Q = 850, P = 383.33
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