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Demand - Supply Analysis
An industry's supply and demand curves are given by the following equations:
QD = 2000 - 4P and QS = 6P
A. Determine the equilibrium price (PE) and equilibrium quantity (QE).
B. At a price of $300, will there be a shortage or a surplus, and how large will it be?
C At a price of $100, will there be a shortage or a surplus, and how large will it be?
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