Question
The weekly demand of fresh oranges, as measured by number of oranges, for a household depends on the price of orange (in dollars) and
The weekly demand of fresh oranges, as measured by number of oranges, for a household depends on the price of orange (in dollars) and can be approximated by q(p) = 20-p. Suppose that the supply of oranges also depends on the price at can be approximated by q(p) = 10 + 9p. a) What the natural domain of the price of orange (2 points) b) Determine the equilibrium price in dollars (3 points) c) Determine the equilibrium number of oranges (3 points)
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