The supply and demand curves for a product are given byp=S(q)= 300+ 40q, p=D(q)= 1000-50 q,where p is the price and q is the quantity of the product.The equilibrium price p* and the equilibrium quantity q* are

Answered: The supply and demand curves for a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The supply and demand curves for a product are given by
p=S(q)= 300+ 40q, p=D(q)= 1000-50 q,
where p is the price and q is the quantity of the product.
The equilibrium price p* and the equilibrium quantity q* are

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Step 1

The equilibrium in any market such as corn and oil markets is a result of actions taken by the individuals on the demand and supply sides. For example, when individuals on the demand side increase their desired demand, this will lead to a higher price and quantity traded of the good at the new equilibrium.

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