] For the following demand and supply equations: 2p+q=56 3p-q=34 (a) Find the equilibrium price and quantity. Show how you get your answers algebraically. ANS: price= quantity= %3D (b) State the Law of Demand. (c) Which of the above two equations is the demand equation-explain how you know.
] For the following demand and supply equations: 2p+q=56 3p-q=34 (a) Find the equilibrium price and quantity. Show how you get your answers algebraically. ANS: price= quantity= %3D (b) State the Law of Demand. (c) Which of the above two equations is the demand equation-explain how you know.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![For the following demand and supply equations:
2p+q=56
3p-q=34
(a) Find the equilibrium price and quantity. Show how you get your answers algebraically.
ANS: price=
quantity
(b) State the Law of Demand.
(c) Which of the above two equations is the demand equation-explain how you know.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F696c468b-218e-4d51-81e4-fcc9fe9dc90c%2Ff4b294bf-f2af-42df-a6e6-d0de52497785%2Fmrkm2zs_processed.png&w=3840&q=75)
Transcribed Image Text:For the following demand and supply equations:
2p+q=56
3p-q=34
(a) Find the equilibrium price and quantity. Show how you get your answers algebraically.
ANS: price=
quantity
(b) State the Law of Demand.
(c) Which of the above two equations is the demand equation-explain how you know.
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