Calculate the equilibrium price and quantity of good x

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Reference no: EM13244878

The following equations describe the demand and supply ofgood X:
Xd = 20- 2P
Xs = -4 + 2P
a) Calculate the equilibrium price and quantity, and show them on adiagram.
b) Assuming a price higher than the equilibrium price, anddetermine the excess supply.

Reference no: EM13244878

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