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ECONOMICS
Asked by Jessica

P measured in pounds per item and Q be measured in million items. Market demand be given by: P=332-2Q. Market supply be given by: P=-10+0.6Q. tax be t=78 measured in pence. P denote gross price. Calculate the market equilibrium quantity(million item)?

-10 + 0.6Q = 332 -2Q 2Q + 0.6Q = 332 + 10 2.6Q = 342 Q = 131.58 Q = 132 million items

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Mehrjan Saigol
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