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)