Refer to the market demand and supply functions below: Qd =71,000 – 2,000P Qs = - 25,000 +25,000P What is the equilibrium price (Pe)? Round off to 6 decimals

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
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Problem 16RQ: If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on...
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Refer to the market demand and supply
functions below:
Qd=71,000 – 2,000P
Qs = - 25,000 +25,000P
What is the equilibrium price (Pe)? Round off
to 6 decimals.
Transcribed Image Text:Refer to the market demand and supply functions below: Qd=71,000 – 2,000P Qs = - 25,000 +25,000P What is the equilibrium price (Pe)? Round off to 6 decimals.
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