4. There are 50 consumers and 50 sellers in the market. Every consumer has the same inverse demand function for apple, p=3-q and every seller has the same inverse supply function, p=2q. We assume the competitive market. Then derive the inverse market demand function and the inverse market supply function. Calculate the equilibrium quantity, equilibrium price.
4. There are 50 consumers and 50 sellers in the market. Every consumer has the same inverse demand function for apple, p=3-q and every seller has the same inverse supply function, p=2q. We assume the competitive market. Then derive the inverse market demand function and the inverse market supply function. Calculate the equilibrium quantity, equilibrium price.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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