The supply curve for a certain commodity is (n=2,500 p-500), and the demand curve for the same
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The supply curve for a certain commodity is \(n=2,500 p-500\), and the demand curve for the same product is \(n=31,500-1,500 p\), where \(n\) is the number of items and \(p\) is the number of dollars.
a. At \(\$ 15\) per unit of the commodity, how many items would be supplied? How many would be demanded?
b. At what price would no items be supplied?
c. At what price would no items be demanded?
d. What is the equilibrium price for this product?
e. How many units will be produced at the equilibrium price?
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