The demand for unicycles is D(p) = 16 - p/2, while the supply is S(p) = p.
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Question:
The demand for unicycles is D(p) = 16 - p/2, while the supply is S(p) = p. a.
a). What is the inverse demand for unicycles? What is the inverse supply?
b. At a quantity of 8, what is the marginal benefit and marginal cost?
c. At a price of 16, how many units are supplied and demanded?
d. What is the equilibrium price and quantity in the market?
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