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Economics
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Economics
Use the supply and demand schedules provided in the table below to:
a) Draw the demand and supply curves
b) Indicate the position of the equilibrium price and quantity
c) What will be the supply and demand if the price is $1 and $5?
Price ($) Quantity demanded Quantity supplied
1 120 0
2 100 20
3 80 40
4 60 60
5 40 80
6 20 100
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