Use the following to answer the question: The demand for commodity X is represented by the equation QD = 50 - 5P and supply by the equation QS = 5P - 10. If the supply decreases to QS = 5P-30, what is the new equilibrium price? a. $7 b. $8 c. $9 d. $10

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Chapter3: Supply And Demand: Theory
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Use the following to answer the question: The demand for commodity X is represented by the equation QD = 50 - 5P and
supply by the equation QS = 5P-10. If the supply decreases to QS = 5P-30, what is the new equilibrium price? a. $7 b. $8
c. $9 d. $10
Transcribed Image Text:Use the following to answer the question: The demand for commodity X is represented by the equation QD = 50 - 5P and supply by the equation QS = 5P-10. If the supply decreases to QS = 5P-30, what is the new equilibrium price? a. $7 b. $8 c. $9 d. $10
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