A certain item has a linear supply curve [p=0.0005 n-3] and a linear demand [p=8-0.0006 n] where
Question:
A certain item has a linear supply curve
\[p=0.0005 n-3\]
and a linear demand
\[p=8-0.0006 n\]
where \(p\) is the price and \(n\) is the number of items. What is the equilibrium point \((p, n)\) ?
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Step by Step Answer:
The equilibrium point p n is where demand equals supply meaning the demand curve and supply curve in...View the full answer
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