Market for used cars: Demand: Q-154,000- 86P Supply: Q, --100 + 14P Refer to Equation 1. What would be the equilibrium price and quantity for used cars? 1) $1,541; 21,474 O 2) $134,100: 154,100 3) $100; 100

Market for used cars: Demand: Q-154,000- 86P Supply: Q, --100 + 14P Refer to Equation 1. What would be the equilibrium price and quantity for used cars? 1) $1,541; 21,474 O 2) $134,100: 154,100 3) $100; 100

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

100%

Market for used cars:
Demand: Q- 154,000 – 86P
Supply: Q, --100 + 14P
Refer to Equation 1. What would be the equilibrium price and quantity for used
cars?
1) $1,541; 21,474
O 2) $134,100; 154,100
O 3) $100; 100
O 4) $21,474; 1,541

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