question 1 10 points find the equilibrium price quantity and revenue in a market characterized by the following information qd 5000 20p demand curve qs 30p supply curve question 2 10 points predict the direction of change rise 1

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Question 1.

[10 points] Find the equilibrium price, quantity, and revenue

in a market

characterized by the following information:

Qd = 5000 – 20P

[demand curve]

Qs = 30P

[supply curve]

Question 2.

[10 points] Predict the direction of change (rise or fall) in

the equilibrium price and

quantity in the market for gasoline this week if drivers come t

o expect that the price of gasoline

will fall next week. Use a demand-supply graph to justify your

prediction.

 

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