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Suppose the demand curve for donuts in Donut Shop is given by d = 150 − 20P where d is the quantity demanded (in # of donuts) and P is the price in dollars per donut. Suppose the supply curve is given by s = 30P where " is the quantity supplied. Compute the equilibrium price and quantity of donuts. Draw a picture of supply and demand in the market for donuts, with the quantity and price labeled.
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