8. Suppose a business has its supply (S) and demand (D) curves denoted by the following equations: D = 600 – 10P S = 10 P – 300 - Now a new competitor has entered the market and as a result the demand slows down by 200 customers. i. Express the new demand in an equation. What is the initial equilibrium price and quantity and what will happen to the equilibrium. Compute the new equilibrium position. Name and express how the factors that causes changes in supply and ii. ii. iv. demand curves.

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