At a price level of $130 per unit, the quantity demanded is 70 units, while the quantity
Fantastic news! We've Found the answer you've been seeking!
Question:
At a price level of $130 per unit, the quantity demanded is 70 units, while the quantity supplied is 55 units. At a price level of $150 per unit, the quantity demanded is 50 units, and the quantity supplied is 65 units. If p = price, and Q = quantity, then:
a. Determine the demand function equation in the form p = mQ+b
b. Determine the supply function equation in the form p =mQ + b
C. Determine the equilibrium price and quantity.
d. Draw the demand function and supply function in one diagram, with the price variable on the vertical axis, and the quantity variable on the horizontal axis.
Related Book For
Economics Principles and Policy
ISBN: 978-1305280595
13th edition
Authors: William Baumol, Alan Blinder
Posted Date: