Suppose demand and supply are given by Qsx =P-20 Qdx = 60-P What are equilibrium price and quantity in the market? Draw the graph of equilibrium as well? Determine quantity demand, quantity supply and magnitude of surplus/shortage if prices $50 and $32 are imposed in the market?
Suppose demand and supply are given by Qsx =P-20 Qdx = 60-P What are equilibrium price and quantity in the market? Draw the graph of equilibrium as well? Determine quantity demand, quantity supply and magnitude of surplus/shortage if prices $50 and $32 are imposed in the market?
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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Question
Suppose demand and supply are given by
Qsx =P-20 Qdx = 60-P
- What are
equilibrium price and quantity in the market? - Draw the graph of equilibrium as well?
- Determine quantity demand, quantity supply and magnitude of surplus/shortage if prices $50 and $32 are imposed in the market?
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