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18 August, 08:31

Let demand for a product be given by the function qd=80-3p and supply be given by qs=2p-30. Suppose the price in this market is $16. What are the quantity demanded and the quantity supplied at this price? Is there a shortage or a surplus?

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  1. 18 August, 09:30
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    The quantity demanded is 32 and the quantity supplied is 2.

    There is a shortage of product by 30 quantity.

    Step-by-step explanation:

    Let demand for a product be given by the function qd = 80 - 3p and supply be given by qs = 2p - 30 where p is the market price of the product.

    If p = $16 for any product then, qd = 80 - 3 * 16 = 32 and qs = 2 * 16 - 30 = 2.

    Therefore, the quantity demanded is 32 and the quantity supplied is 2.

    So, there is a shortage of product by (32 - 2) = 30 quantity. (Answer)
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