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 %3D quantity is equal to
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 %3D quantity is equal to
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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