Question: Consider the market for copper, where demand is given by the equation P(QD) = 500 - 1/2Q and market supply is given by P(Qs)

Consider the market for copper, where demand is given by the equation P(QD) = 500 - 1/2Q and market supply is given by P(Qs) = 50 Q. The discount rate is r=10% and there is a fixed supply of 400 total units of copper. a. If there is just one period in this model, what would be the equilibrium market price and quantity sold? Show your work. Is the resource exhausted?

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