Question
Consider a market for oil. Demand and supply of oil are given as shown. The demand for oil is: Q = 12 - 2P The
Consider a market for oil. Demand and supply of oil are given as shown. The demand for oil is: Q = 12 - 2P The supply of oil is: Q = 4P.
What is the equilibrium price of oil? (Using the two equations, solve for P)
Consider a market for oil. Demand and supply of oil are given as shown. The demand for oil is: Q = 12 - 2P The supply of oil is: Q = 4P.
What is the equilibrium quantity of oil sold?
When you draw both demand and supply curves together, what value of P or price does it show at the intersection point? The vertical (or Y) axis is Price and the horizontal (or X) axis is Quantity.
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Elementary Statistics
Authors: Robert R. Johnson, Patricia J. Kuby
11th Edition
978-053873350, 9781133169321, 538733500, 1133169325, 978-0538733502
