What are the equilibrium price and equilibrium quantity
Problem
Suppose the demand for a product is given by the equation Qd = 60 - 3 P and supply of the product is given by the equation Qs=8P. What are the equilibrium price and equilibrium quantity in the market for this product?
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What is the implied own-price elasticity? What is the magnitude of the cross- price elasticity between your coffee and your competitor one?
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What are the equilibrium price and equilibrium quantity in the market for this product?
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