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Suppose that the supply function for a commodity is given by the equation: p = q² + 2q + 20. (a) If the price is $595, how many units will be supplied?
(b) Suppose that 15 units are demanded at a price of $595. Using your answer to part a, would such a price result in a shortage or surplus? Explain your answer in a complete sentence.
Sagot :
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