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QUESTION
Starting with the market demand and supple functions in Problem 1, determine algebraically the new equilibrium price and quantity of the demand
Starting with the market demand and supple functions in Problem 1, determine algebraically the new equilibrium price and quantity of the demand function changes QD’ = 12,000 – 1,000P or to QD” = 8,000 – 1,000P? (b) the market supply function changes to QS* = -4,000 + 1,000P or to QS** = 1,000P.
