A certain product has supply and demand functions p = 4q + 5 and p = -2q
Question:
A certain product has supply and demand functions p = 4q + 5 and p = -2q + 81, respectively.
(a) If the price is $53, how many units are supplied and how many are demanded?
(b) Does this give a shortfall or a surplus?
(c) Is the price likely to increase from $53 or decrease from it?
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S p 4q 5 D p 2q 81 a S 53 4q 5 D ...View the full answer
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Anurag Agrawal
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Related Book For 
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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