Question
Suppose the demand of wheat (D) is given by D=63-4P and the supply of wheat (S) is given by S =17+2P, where P is the
Suppose the demand of wheat (D) is given by D=63-4P and the supply of wheat (S) is given by S =17+2P, where P is the price.
Use simple algebra to find equilibrium price and quantity traded.
Calculate the amount of the shortage at a price of $5.3.
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A Textbook Of Mathematical Economics
Authors: Dr Chandrakant Singh
1st Edition
9353140986, 9789353140984
