Suppose that supply and demand for a certain commodity are described by the supply curve, p = 0.0002q + 0.03 and demand curve, p = - 0.001q + 35.31. Determine the quantity of the commodity that will be produced and the selling price.

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter6: Elasticities
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Suppose that supply and demand for a certain commodity are described by the supply curve, p = 0.0002q + 0.03 and demand curve, p = - 0.001q + 35.31. Determine the quantity of the commodity that will be produced and the selling price.

 

The quantity of the commodity that will be produced is

Suppose that supply and demand for a certain commodity are described by the supply curve, p=00002q +0.03, and demand curve, p=-0001q+ 35 31. Determine the quantity of the commodity that will be produced and the selling price
CED
The quantity of the commodity that will be produced a
Transcribed Image Text:Suppose that supply and demand for a certain commodity are described by the supply curve, p=00002q +0.03, and demand curve, p=-0001q+ 35 31. Determine the quantity of the commodity that will be produced and the selling price CED The quantity of the commodity that will be produced a
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