The estimated monthly U.S. demand function for avocados is Q=144-40p + 20pt where p is the price of avocados and pt is the price of tomatoes. The estimated supply function is Q = 50+ 15p. The initial price of tomatoes is $0.80 per pound. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $1.35 to $2.15. Given p = $0.80, the initial equilibrium price of avocados is and the initial equilibrium quantity of avocados is (Enter your responses rounded to two decimal places.) p=$ Q=

The estimated monthly U.S. demand function for avocados is Q=144-40p + 20pt where p is the price of avocados and pt is the price of tomatoes. The estimated supply function is Q = 50+ 15p. The initial price of tomatoes is $0.80 per pound. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $1.35 to $2.15. Given p = $0.80, the initial equilibrium price of avocados is and the initial equilibrium quantity of avocados is (Enter your responses rounded to two decimal places.) p=$ Q=

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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