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Given the demand and the supply functions below: Supply function: P = 0.2Q - 40 Demand function: P = - 0.2Q + 120 Find the
- Given the demand and the supply functions below:
Supply function: P = 0.2Q - 40
Demand function: P = - 0.2Q + 120
- Find the equilibrium price and quantity, draw a diagram to show your answer.
- Suppose the cost of production increases by $7 per unit, find the new supply curve, the new equilibrium price and quantity.
- Find the change in consumer expenditure.
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Managerial Economics and Organizational Architecture
Authors: James Brickley, Clifford W. Smith Jr., Jerold Zimmerman
6th edition
73523143, 73523149, 978-0073523149
