The demand and supply curves for an economy are: P= 700 - 10QD (Demand) P= 400 + 5Qs (Supply) a) Rewrite the equations above as a function of price. b) If the price is $10 then the quantity demanded is and the quantity supplied is . At a price of $10 there is a (surplus/shortage) in the amount of c) At market equilibrium, the equilibrium quantity is and the equilibrium price is
The demand and supply curves for an economy are: P= 700 - 10QD (Demand) P= 400 + 5Qs (Supply) a) Rewrite the equations above as a function of price. b) If the price is $10 then the quantity demanded is and the quantity supplied is . At a price of $10 there is a (surplus/shortage) in the amount of c) At market equilibrium, the equilibrium quantity is and the equilibrium price is
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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