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Question: Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product is Qd = 600 - 2.5P. The supply function of the domestic firms is QSD = 200 + 1.5P, while that of the foreign firms is QSF = 200.
Instructions: Round your answers for equilibrium price to the nearest penny (two decimal places). Round your answers for equilibrium quantity to one decimal place.
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