a.) Consider the following two functions: y = 119 + 0.2x y = 498 - 0.05x What
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Question:
a.) Consider the following two functions:
y = 119 + 0.2x
y = 498 - 0.05x
What is the value of x at the equilibrium?
b.) Suppose you have 2 equations:
(1) P = 2 + 10Q
(2) P = 5 - 2Q
Use the two equations to solve for the equilibrium. What is the price in equilibrium?
Select one:
a. 6.75
b. 4.5
c. 1/4
d. 6.2
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