Question
Assume the following demand and supply equations of a popular product: Q d : 10 - 2p Q s : 7 + 8p A) what
Assume the following demand and supply equations of a popular product:
Qd: 10 - 2p
Qs: 7 + 8p
A) what is the equilibrium price and the equilibrium quantity?
B) Now assume a firm decides to charge a price of 1.5. What will be the new price and new quantity?
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Quantitative Methods for Business
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
13th edition
1285866312, 978-0357685648, 978-1285866314
