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Question (1): Consider the market for good x. Q=183.5-2.3p Q=3.2p+51.5 Find the market equilibrium price and...

Question (1):

Consider the market for good x.

Q=183.5-2.3p

Q=3.2p+51.5

  1. Find the market equilibrium price and quantity for good x.
  2. Consider that more consumers are opting to consume more units of good y and fewer units of good x, since the price per unit of good y is cheaper than the price per unit of good x. The quantity demanded for the number of units of good x is now at 124.5 (in millions of units).
  • What will be the new equilibrium price?
  • Derive the new function based on this new development.

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