Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
1) Known: Pd = 50 – 6Q and Ps = 8 + 8Q
a. specify the inverse of the function
b. What are the values of P and Q at market equilibrium ?
2) Suppose the demand for oxygen cylinders is 10 units, the price is 876, if the demand for oxygen cylinders is 15 units, the price is 1354, determine the demand function.
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