1. Suppose that the supply and demand for sunglasses are p= 0.8q +6 p=-1.2q +14 Where p is the price in dollars and q is the quantity in hundreds. a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each. Discuss the stability of the sunglasses market at this price. b. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11 each. Discuss the stability of sunglasses market at this price. c. Find the equilibrium price and quantity.
1. Suppose that the supply and demand for sunglasses are p= 0.8q +6 p=-1.2q +14 Where p is the price in dollars and q is the quantity in hundreds. a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each. Discuss the stability of the sunglasses market at this price. b. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11 each. Discuss the stability of sunglasses market at this price. c. Find the equilibrium price and quantity.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Sections 4.1
1. Suppose that the supply and demand for sunglasses are
p= 0.8q +6
p=-1.2g +14
Where p is the price in dollars and q is the quantity in hundreds.
a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each.
Discuss the stability of the sunglasses market at this price.
b. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11 each.
Discuss the stability of sunglasses market at this price.
+
c. Find the equilibrium price and quantity.
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