Assume that the Australian economy is closed to international trade an

Assume that the Australian economy is closed to international trade and the demand and supply curves for figs are:Demand: P = 100 – 5Q Supply: P = 20 + 5Q is the price of figs per kg expressed in Australian dollars and is expressed in thousands of kg.Q1. Find the equilibrium price and quantity and represent this equilibrium in a supply and demand diagram.

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