Shifts in Demand or Supply For the equations from part A [P, = 980 – 12Q & P, =-40 + 8Q), consider a decrease of -$40/unit in the willingness to pay (WTP) of consumers. Adjust the equations as needed and resolve for equilibrium price and quantity. 14. P = 15. Q =
Shifts in Demand or Supply For the equations from part A [P, = 980 – 12Q & P, =-40 + 8Q), consider a decrease of -$40/unit in the willingness to pay (WTP) of consumers. Adjust the equations as needed and resolve for equilibrium price and quantity. 14. P = 15. Q =
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Shifts in Demand or Supply
For the equations from part A [P, = 980 – 12Q & P, =-40 + 8Q], consider a decrease of -$40/unit in the
willingness to pay (WTP) of consumers. Adjust the equations as needed and resolve for equilibrium price
and quantity.
14. Pe =
15. Q =.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36411f16-afb8-404a-b277-28a8eb15089f%2F37c44fc5-6453-4240-9298-d66f1419328b%2F2k2pygd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shifts in Demand or Supply
For the equations from part A [P, = 980 – 12Q & P, =-40 + 8Q], consider a decrease of -$40/unit in the
willingness to pay (WTP) of consumers. Adjust the equations as needed and resolve for equilibrium price
and quantity.
14. Pe =
15. Q =.
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