Let Qs = -200 + 4P and 4Qd = 5,600 - 16P be the supply and demand relationships respectively for a competitive market.
1. Derive the value of the slope for the demand curve.
2. Solve for equilibrium price and quantity. Assume the price is expressed in dollars and the quantity is defined in 1,000's of units.
3. Calculate the quantity demanded and the quantity supplied at the price of $300. If there is a surplus or shortage, specify why and calculate it's value.
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