Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Linear Equations
Supply and Demand Functions
Equilibrium
Formulas
Demand function: Qd = 230 - 4P
Supply function: Qs = -50 + 3P
Equilibrium condition: Qd = Qs
Theorems
Law of Demand (Price increase leads to decrease in quantity demanded)
Law of Supply (Price increase leads to increase in quantity supplied)
Suitable Grade Level
Grades 10-12 (High School Economics)
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