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1.
(a) What are the equilibrium price and quantity?
When Qd =Qs we have the equilibrium
10-0.5P = P-2
10+2 = P+0.5P
1.5P = 12
P= 8
Q= 10- 0.5(8) = 10-4 = 6
Equilibrium price = 8 and equilibrium quantity = 6...

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