Qd=1200-P, Qs = 120+3P. find equilibrium price and analyze what would be the excess demand or supply if the price changes to rs 400 and rs 120.
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Quantity demanded is a function of price: Qd= f (P). A demand curve can be stated algebraically as Qd= a + bP, where a = intercept, b = slope (which is negative) and P. This is the demand equation, which illustrates the relationship between price and quantity demanded, ceteris paribus .
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