Compute the equilibrium price and quantity if PA = 38,000, M = 3,500 and A = 10,000.
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Question:
Compute the equilibrium price and quantity if PA = 38,000, M = 3,500 and A = 10,000.
QD = 900 – 2P + 3PA + 0.4M + 1.5A
QS = 45,500 + 0.5P
where
QD = quantity demanded
P = price of Myvi
PA = price of Axia
M = average consumer’s income
A = promotional expenses
QS = quantity supplied
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