The demand curve for a product is given by q = 120,000 500p and the supply

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The demand curve for a product is given by q = 120,000 − 500p and the supply curve is given by q = 1000p for 0 ≤ q ≤ 120,000, where price is in dollars.

(a) At a price of $100, what quantity are consumers willing to buy and what quantity are producers willing to supply? Will the market push prices up or down?

(b) Find the equilibrium price and quantity. Does your answer to part (a) support the observation that market forces tend to push prices closer to the equilibrium price?

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Applied Calculus

ISBN: 9781119275565

6th Edition

Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale

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Question Posted: Apr 10, 2023 05:25 AM

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The demand curve for a product is given by q = 120,000 500p and the supply

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a The quantity demanded at a price of 100 is q 120000 500100 70000 ...View the full answer

Applied Calculus

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