7. If the demand and supply curve for computers is: D = 100 - 6P, S = 28 + 3P %3D Where P is the price of computers, and what is the quantity of computers bought and sold at equilibrium? 8. Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as a substitute for beef. How would you illustrate this change in the beef market in supply- and-demand terms

7. If the demand and supply curve for computers is: D = 100 - 6P, S = 28 + 3P %3D Where P is the price of computers, and what is the quantity of computers bought and sold at equilibrium? 8. Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as a substitute for beef. How would you illustrate this change in the beef market in supply- and-demand terms

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...

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