Question
Suppose that the demand and price for melons are related by P=D(q)=5-0.25q: where p is the price (In dollars) and q is the quantity demanded
Suppose that the demand and price for melons are related by P=D(q)=5-0.25q: where p is the price (In dollars) and q is the quantity demanded (in hundreds of quarts).
A) Find the price at each level of demand.
(i) 0 quarts (ii) 400 quarts (iii) 840 quarts
B) Find the quantity demanded for the melons at each price.
(i) $4.50
(ii) $3.20
(iii) $2.40
C) Suppose the price and supply of melons are related by p=S(q)=0.25q
P=price (in dollars), q is the quantity demanded (in hundreds of quarts). Find the quantity supplied at each price.
(i) $0
(ii) $2
(iii) $4.50
(iv) Find the equilibrium qty and price
I just need help with the last question finding the equilibrium and price
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