Consider the following: If the price per unit of good A is P175 quantity purchased is valued at 5,250 units and quantity supplied equals 2,500 units. If price changes by P1

Economics (MindTap Course List)
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Chapter3: Supply And Demand: Theory
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Consider the following: If the price per unit of good A is P175 quantity purchased is valued at 5,250 units and quantity supplied equals 2,500 units. If price changes by P1, quantity demanded changes by 4 units for consumer demand and quantity supplied changes by 2 units. 

Show supporting calculations. 

2. Determine the price and quantity at equilibrium, using algebraic solution.

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