Find out the equilibrium price and quantity in the market

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Reference no: EM131004704

Let the market demand and market supply curves are given by the following equations:

Qd= 24-(1/3)P

Qs= (2/3)P

a) Find out the equilibrium price and quantity in the market?

b) If due to technological progress supply curve shifts by 100 percent, what would be the new equilibrium price and quantity?

Reference no: EM131004704

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