Question
An economist estimates that a market has a demand curve of the form P = 39 - (1.3) Q and a supply curve of the
An economist estimates that a market has a demand curve of the form P = 39 - (1.3) Q and a supply curve of the form P = 6 + (0.78) Q. (See the curves graphed in the figure below.) She estimates that if the market price is P = ____, then there will be an excess product (a surplus) on the market of ____ units.
| A. | $18.38 ; 11.44 | |
| B. | $27.70 ; 19.13 | |
| C. | $15.24 ; 7.17 | |
| D. | $12.80 ; 15.87 |
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Essays In Our Changing Order
Authors: Thorstein Veblen
1st Edition
1351311425, 9781351311427
