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QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1
Instructions: Round your answers to the nearest whole number.
a. Determine the equilibrium price and quantity. Show the equilibrium graphically.
Equilibrium price:
Equilibrium quantity:
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Q. Relationship between L and P? • As long as L is smaller than LB, L may change with no change in prices. In this range, there is no relation between L andP. • When L is betw
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