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11-06-2024
Business

Answered

Market Equilibrium in a perfectly competitive market. Apple, like other agricultural goods, is often considered as a perfectly competitive market. Assuming that the market demand and supply curves are the following:
Qₔ (P)=8500-10P (Market Demand of apple)
Qₛ (P)=3500+20P (Market Supply of apple)
A. Calculate the equilibrium price
B. Calculate the equilibrium quantity

Answer :

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