The market for a product has inverse demand and supply functions given by p = 290...
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*.
Homework Answers
Given inverse demand p=290-2Qd
Supply function p=10+1.5Qs
At equilibrium
Demand =supply
290-2Q=10+1.5Q
280=3.5Q
Q=80
Equilibrium quantity=80
p=290-2(80)=290-160=$130
P=10+1.5(80)=10+120=$130
Equilibrium price=$130
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The market for a product has inverse demand and supply functions
given by p = 290...
The market for a product has inverse demand and supply functions given by p = 290...
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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