Question
Assume the following demand and supply function: Demand: Q = 40 - 10P Supply: Q = 30 + 10P (a). What is the equilibrium price?
Assume the following demand and supply function:
Demand: Q = 40 - 10P
Supply: Q = 30 + 10P
(a). What is the equilibrium price?
(b). What is the equilibrium quantity?
(c). If a firm decides to to charge a price equal to .2 (point 2), what will be new demand and supply?
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Macroeconomics
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
3rd Canadian edition
1319120083, 1319120085, 1319190111, 9781319190118, 978-1319120054
