3.4 The demand function for a product is Qd = 1,600 - 10P, and its supply function is Qs = 400 + 5P. Calculate the equilibrium price and equilibrium quantity of the good. Check your answer by drawing the demand and supply curves in a figure. What ways can government control prices in the market for goods and services. Explain their outcomes. Use diagrams to illustrate your answers. What policies can lead to shifts of the demand or supply curves? Provide examples familiar to you.

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