Demand and Supply

The following relations describe monthly demand and supply for a computer support service catering to small businesses Qd = 3000-10P and Qs= -1000+10P; where Q is the number of businesses that need services and P is the monthly fee in dollars. Compute the equilibrium price and output level. Assume a new demand curve: Qd = 2500-10P. Compute and upload to Dropbox a diagram showing the new equilibrium price and quantity and determine its effect on supply.

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