Question
Question 7. The market for gravel has been estimated to have these supply and demand relationships: SupplyP =10 + 0.01Q DemandP = 100 0.01Q, where
Question 7. The market for gravel has been estimated to have these supply and demand relationships:
SupplyP =10 + 0.01Q
DemandP = 100 0.01Q,
where P represents price per unit in dollars, and Q represents sales per week in tons.Determine
the equilibrium price and sales.Determine the amount of shortage or surplus that would develop
at P = $40/ton.
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Foundations of Macroeconomics
Authors: Robin Bade, Michael Parkin
6th edition
132831007, 978-0132831000
