Question
The demand and supply functions for hockey sticks are given by QD = 286 20P Q$ = 88 + 40P %3D a. Graph the
The demand and supply functions for hockey sticks are given by QD = 286 20P Q$ = 88 + 40P %3D a. Graph the supply and the demand curves, clearly showing the intercepts and indicating the slopes of the two curves. b. Determine the equilibrium price and quantity of hockey sticks. c. Suppose that both the men's and the women's teams win Olympic gold medals, causing an increase in the demand for hockey sticks across the country to Q = 328 20P. What impact does this have on the price of hockey sticks and the quantity sold?
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Managerial Economics and Strategy
Authors: Jeffrey M. Perloff, James A. Brander
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