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Diagram the demand and supply curves in price and quantity

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The daily demand for hotel rooms on Manhattan Island in New York is given by the equation

QD = 250,000 - 375P. The daily supply of hotel rooms on Manhattan Island is given by the equation QS = 15,000 + 212.5P. Diagram these demand and supply curves in price and quantity space. What is the equilibrium price and quantity of hotel rooms on Manhattan Island?

Reference no: EM13391465

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