Question
An economist estimates that a market has a demand curve of the form P = 45 - (1.5) Q and a supply curve of the
An economist estimates that a market has a demand curve of the form P = 45 - (1.5) Q and a supply curve of the form P = 4 + (2.25) Q. (See the curves graphed in the figure below.) Accordingly, she estimates that the quantity equilibrium ( Q e) in this market will be 10.93 (or 10.933333) and that the equilibrium price ( P e) in the market will be ____. (Answer may be rounded to nearest hundredth.)
| A. | $13.80 | |
| B. | $28.6 | |
| C. | $38.40 | |
| D. | $50.8 |
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Bank Management
Authors: Timothy W. Koch, S. Scott MacDonald
8th edition
978-1133494683
