Answered: Let (inverse) demand be Pb = 103 - 6 Qb…

Let (inverse) demand be Pb = 103 - 6 Qb and (inverse) supply be Pv = 34 + 3 Qv. Consider the shift in demand illustrated (the intercept of Pb moves by 12), what is the new equilibrium price

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

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7.
Let (inverse) demand be Pb = 103 - 6 Qb and (inverse) supply be Pv = 34 + 3 Qv. Consider the
shift in demand illustrated (the intercept of Pb moves by 12), what is the new equilibrium price
?
Answer: your answer
Price ($)
$120
$100
$ 80
$60
$40
$ 20
$0
$-20
O
co
2
Demand
4
6
Submit
Supply
8
10
Quantity
Eqm
12
D + shift
14
16
18
20

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