1) The market for grapefruit in Oxford, Ohio is given by the following supply and demand equations: P=6Q+2 P=92-3Q a) Which of the above do you think represents the demand for grapefruit in Oxford? Why? b) What is the equilibrium price and quantity in this market? c) Draw the demand and supply curves (including intercepts) and label the equilibrium price and quantity.
1) The market for grapefruit in Oxford, Ohio is given by the following supply and demand equations: P=6Q+2 P=92-3Q a) Which of the above do you think represents the demand for grapefruit in Oxford? Why? b) What is the equilibrium price and quantity in this market? c) Draw the demand and supply curves (including intercepts) and label the equilibrium price and quantity.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Transcribed Image Text:1) The market for grapefruit in Oxford, Ohio is given by the following supply and
demand equations:
P=6Q+2
P=92-3Q
a) Which of the above do you think represents the demand for grapefruit in Oxford?
Why?
b) What is the equilibrium price and quantity in this market?
c) Draw the demand and supply curves (including intercepts) and label the equilibrium
price and quantity.
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