At equilibrium, | |||
Supply = Demand | |||
40 + 3q = 89 - 2q | |||
5q = 89 - 40 | |||
5q = 49 | |||
q = 9.80 | |||
The equilibrium quantity is 9.80 units. |
Given the following inverse demand and supply functions Supply p 40+30 Demand p 89-20 Solve for...
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The market for a product has inverse demand and supply functions given by p = 290 - 2Qd and p = 10 + 1.5Qs Find the market equilibrium quantity Q* and price P*.
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The market for a product has inverse demand and supply functions given by p = 290 - 2Qd and p = 10 + 1.5Qs In what form are these functions in? (2pts)
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