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Suppose that King Kanuta demands that each of his subjects give him 3 coconuts for every coconut that they consume. The king puts all of
Suppose that King Kanuta demands that each of his subjects give him 3 coconuts for every coconut that they consume. The king puts all of the coconuts that he collects in a large pile and burns them. The supply of coconuts is given by S(ps) = 100ps, where ps is the price received by suppliers. The demand for coconuts by the king's subjects is given by D(pd) = 7,650 100pd, where pd is the price paid by consumers. In equilibrium, the price received by suppliers will be ?
I can't commute the demand function with supply, notably with the rule of 3
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