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Solving demand and supply equations

03/10/2021 Client: muhammad11 Deadline: 2 Day

This problem involves solving demand and supply equations to determine equilibrium Price and Quantity and then illustrating them graphically.  Consider a demand curve of the form : QD= -3P + 45 where QD is the quantity demanded and P is the price of the good.  The supply curve for the same good is: QS= P-5 where QS is the quantity supplied at price, P. Solve for equilibrium Price (P*) and Quantity (Q*). Please set up the problem and underline your answers below. On the graph below, illustrate and label demand, supply, P* and Q* c. What is the slope of the supply curve? d. What is the slope of the demand curve? e. Calculate consumer surplus, producer surplus and total surplus

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