At a price of $100 per office chair, 120 officechairs are demanded by consumers, but at aprice of $110 per office chair, only 90 officechairs are demanded. The supplier is willingto supply x office chairs for a price, in dollars,of p(x) = 0.175x + 63.75. (a) What is themarket equilibrium quantity of office chairs?office chairs (b) What is the marketequilibrium price in dollars? $

Market equilibrium is attained at the intersection of the demand curve and the supply curve. An…

to supply x office chairs for a price, in dollars, of p(x) = 0.175x + 63.75. (a) What is the market equilibrium quantity of office chairs? office chairs (b) What is the market equilibrium price in dollars? $

to supply x office chairs for a price, in dollars, of p(x) = 0.175x + 63.75. (a) What is the market equilibrium quantity of office chairs? office chairs (b) What is the market equilibrium price in dollars? $

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 1DQ

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Question

At a price of $100 per office chair, 120 office
chairs are demanded by consumers, but at a
price of $110 per office chair, only 90 office
chairs are demanded. The supplier is willing
to supply x office chairs for a price, in dollars,
of p(x) = 0.175x + 63.75. (a) What is the
market equilibrium quantity of office chairs?
office chairs (b) What is the market
equilibrium price in dollars? $

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