Suppose that the inverse demand curve for a product is given by: P = 100- Q + 2M, where M is the average income in 1000 USD. The inverse supply is P 0.5Q - 20. If M = 15 the equilibrium price is equal to and the equilibrium quantity is equal to 40, 60 100, 30 30, 100 60.40

Suppose that the inverse demand curve for a product is given by: P = 100- Q + 2M, where M is the average income in 1000 USD. The inverse supply is P 0.5Q - 20. If M = 15 the equilibrium price is equal to and the equilibrium quantity is equal to 40, 60 100, 30 30, 100 60.40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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