Question: Problem 3. Market Equilibrium. 15 points. Given the demand equation 20+ 7p-560 and the supply equation 3-11p+45 0 where p is the unit price in

Problem 3. Market Equilibrium. 15 points. Given the demand equation 20+ 7p-560 and the supply equation 3-11p+45 0 where p is the unit price in dollars and represents the quantity demanded in units of a thousand, a) determine the equilibrium quantity and the equilibrium price b) slutch a graph of the demand and supply curves; c) What is the highest price (theoretically) anyone would pay for this product? d) What is the lowest price (theoretically) at which the supplier of the product will make it available in the market? Solution () (b) > (c) (a)

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