Question: Question Help The estimated monthly U.S. demand function for avocados is Q = 144 - 40p + 20P where p is the price of avocados
Question Help The estimated monthly U.S. demand function for avocados is Q = 144 - 40p + 20P where p is the price of avocados and p, is the price of tomatoes. The estimated supply function is Q50 150 The initial price of tomatoes is $0.80 per pound. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $0.50 to $1.40. Given P, = $0.80, the initial equilibrium price of avocados is and the initial equilibrium quantity of avocados is (Enter your responses rounded to two decimal places) 0
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