Suppose that in the market for good X there are 4000 consumers, with an individual demand curve given by: π π· = 30 β 0.75π. There are also 100 producers, each of which has a supply curve given by: π π = β300 + 20π Page 5 of 12 2.1.1. Determine the equilibrium price and quantity in this Marketplace. Represent graphically.
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