1)Market demand is given by P= 130-Q and supply is given by P= 10+2Q.Then at equilibrium P is ______ and Q is ______ *   P= $90; Q= 40 units   P= $103.2; Q= 46.6 units   P= $60; Q= 25 units   P= $25; Q= 60 units   2)Market demand is given by P= 130-Q and supply is given by P= 10+2Q.Due to an unknown reason, price of a substitute drops, this causes the demand to decrease by $30 for every quantity level. The new equilibrium P is ______ and the new equilibrium Q is ______ *

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1)Market demand is given by P= 130-Q and supply is given by P= 10+2Q.Then at equilibrium P is ______ and Q is ______ *

 

P= $90; Q= 40 units

 

P= $103.2; Q= 46.6 units

 

P= $60; Q= 25 units

 

P= $25; Q= 60 units

 

2)Market demand is given by P= 130-Q and supply is given by P= 10+2Q.Due to an unknown reason, price of a substitute drops, this causes the demand to decrease by $30 for every quantity level. The new equilibrium P is ______ and the new equilibrium Q is ______ *

 

P= $70; Q= 30 units

 

P= $30; Q= 40 units

 

P= $40; Q= 80 units

 

P= $20; Q= 60 units

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