ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Can someone please assist me with this? the first question goes with number 2.
1. Suppose the demand and supply for milk is described by the following equations: QD = 800-100P; QS= -700 + 400P, where P is
2. If the price in the above market is $4 would the market be in equilibrium, surplus or shortage? If it is in surplus or shortage, how much would the shortage or surplus be?
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