Question
Assume the following demand and supply equations: Qd: 11.5- 12.5p Qs: 5.5 + 7.5p (a) If a seller charges a price of .5 per unit,
Assume the following demand and supply equations:
Qd: 11.5- 12.5p
Qs: 5.5 + 7.5p
(a) If a seller charges a price of .5 per unit, what will happen?
(b) At what price, there will be no shortage and no surplus? Prove your answer.
Show your work.
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Economic Issues and Policy
Authors: Jacqueline murray brux
6th edition
9781337001977, 1285448774, 133700197X, 978-1285448770
