Question
Assume that demand for a commodity is represented by the equation P=10-0.2Qd supply is represented by the equation p=2+0.2qs where qd and qs are quantity
Assume that demand for a commodity is represented by the equation P=10-0.2Qd
supply is represented by the equation p=2+0.2qs
where qd and qs are quantity demanded and quantity supplies, respectively and p is price
using the equilibrium condition qs=qd determine equilibrium price
now determine equilibrium quantity
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Economics
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
18th edition
978-0077413798, 0-07-336880-6, 77413792, 978-0-07-33688, 978-0073375694
