Given the following equations: • Qdx = 73-4P • Qsx = 3P+8 The prices are 1 , 2 , 3 Required: a) Find demand and supply tables b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically d) Draw the equilibrium graphically with step b

Given the following equations: • Qdx = 73-4P • Qsx = 3P+8 The prices are 1 , 2 , 3 Required: a) Find demand and supply tables b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically d) Draw the equilibrium graphically with step b

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the following equations:

• Qdx = 73-4P

• Qsx = 3P+8

The prices are 1 , 2 , 3

Required:

a) Find demand and supply tables

b) Find demand and supply curves

c) Find the equilibrium price and quantity mathematically

d) Draw the equilibrium graphically with step b

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