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The demand and supply functions for a firm are:
Qd = 400- 40p + p2 (demand)
Qs= p2 - 100 (supply)
Where p is price, Qd is quantity demanded and Qs the quantity supplied. Determine:

(i) The market equilibrium price and quantity. (2 Marks)
(ii) The total revenue function. (1 Marks)

(iii) At what price does demand outstrip supply by 100 units? (2 Marks

Sagot :

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