Question
In the tomato market, it is observed that supply and demand behave based on the following equations: Qd = 220 - 12p Qo = 160
In the tomato market, it is observed that supply and demand behave based on the following equations: Qd = 220 - 12p Qo = 160 + 4p a. Find the equilibrium price and quantity in this market. b. Describe the effect that the following phenomena will have on the equilibrium price and quantity: Yo. The good weather of the current year positively affects the harvests ii. Increased demand for supplies of ingredients sought by families in order to prepare for the upcoming Christmas holidays iii. Family income decreases as a result of the drop in economic activity IV. Thanks to the increase in the market price of avocado, a reorientation of crops towards this product is caused
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