3. The same marketing team would also like to analyze the equilibrium quantity and price of an ice cream product packaged in 750 mL container tubs. For three months, the demand function is P = 250 - q, while the supply function is P= 40 + q, Calculate the equilibrium price and quantity of the product.
3. The same marketing team would also like to analyze the equilibrium quantity and price of an ice cream product packaged in 750 mL container tubs. For three months, the demand function is P = 250 - q, while the supply function is P= 40 + q, Calculate the equilibrium price and quantity of the product.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:E Student Sheet
Applied Economics
QuipperSchool
General Academic Strand | Accountancy, Business, and Management
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3. The same marketing team would also like to analyze the equilibrium quantity and
price of an ice cream product packaged in 750 ml container tubs. For three months,
the demand function is P = 250 - q, while the supply function is P = 40 + q,
Calculate the equilibrium price and quantity of the product.
Transcribed Image Text:2. A marketing team would like to determine if the suggested retail price (SRP) of a
newly released antimicrobial soap Brand ABC is still within the current market's
2.2. Market Equilibrium
E Student Sheet
Applied Economics
General Academic Strand | Accountancy, Business, and Management
QuipperSchool
PREMIUM
equilibrium price since demand for soap increased due to a health crisis. On a
three-month average, the demand for Brand ABC is q, = 40 - P, while the supply
function is q, = 5 + 2P. Using the demand and supply functions, solve for the
equilibrium price and quantity of the soap. If the SRP is P35.00 per piece of Brand
ABC, is the market in equilibrium?
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