1. The market for a product is defined by the following demand and supply curves: &nbs
1. The market for a product is defined by the following demand and supply curves:
Qd=20-7p
Qs=-4+5P
where Qd and Qs are the quantities demanded and supplied, and P is the price of the product in £s.
(i) Draw (accurately) a diagram to depict the market for this product and determine the equilibrium price and quantity.
(ii) Solve for the equilibrium market price and quantity mathematically (remember that, in equilibrium, Qd=Qs).
Homework Answers
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1. The market for a product is defined by the following demand
and supply curves:
&nbs
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