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Suppose the inverse demand curve for a market is equal to p = 100 -- 0.3Q. The inverse market supply curve is p = 20 + 0.5Q.
1. Calculate the equilibrium price and quantity;
2. Calculate the consumer surplus, producer surplus and total surplus.
What is the difference between merchantilism and absolute theory?
Over long spans of time, macroeconomies typically grow, but over short spans there are fluctuations in output and prices known as ____ ?
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