Question
In the market for rain gutters, supply is P = 4 + 2Qs, and demand is P = 54 - 3Qd. To avoid lower-income houses
In the market for rain gutters, supply is P = 4 + 2Qs, and demand is P = 54 - 3Qd.
To avoid lower-income houses being un-guttered, the local government puts a price maximum on rain gutters, so that retailers cannot charge above a price of 18.
How many rain gutters will be sold with this price maximum in place?
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
