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# Suppose the demand for hoverboards can be expressed by the following relationship between the quantity demanded and price: q=10-(p/5) and the supply...

Suppose the demand for hoverboards  can be expressed by the following relationship between the quantity demanded and price: q=10-(p/5) and the supply curve for this market is q=(p-8)/2.

(a) Graph the inverse (p on y-axis, q on x-axis) market demand and supplyfunctions

.(b) Algebraically find the market equilibrium price and quantity.

(c) Suppose the government imposes a price ceiling of 22; how will this affect theequilibrium?

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a)
S
Price (P) D S D
Quantity (Q) b)
Demand function
Q = 10 – ( P/5)
Supply function
Q = (P – 8)/2
At equilibrium, quantity demanded = quantity supplied
10 – ( P/5 ) = (P – 8 ) / 2...

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