Assume that before the ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area...

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Assume that before the ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area was given by the following equations:

D-pre: P=100-Q

S-pre: 5+0.5Q

a. Draw a graph representing the Rochester ice market before the storm and label it carefully. What was the equilibrium price for the Rochester ice market before the storm? And the total quantity of ice traded?

 

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