Consider a market characterized by the following demand and supply conditions: PX = 50 – 5QX and PX = 32 + QX. The equilibrium price and quantity are, respectively,
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Consider a market characterized by the following demand and supply conditions: PX = 50 - 5QX and PX = 32 + QX. The equilibrium price and quantity are, respectively, $35 and 3 units.