Suppose Good X is sold in a competitive market and has a straight-line demand curve that cuts

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Suppose Good X is sold in a competitive market and has a straight-line demand curve that cuts the price-axis at $150 and the quantity axis at 60,000 units, and the supply curve has the equation of Q = 800P - 30,000.

(a) Find the demand function.

(b) What will be equilibrium price and quantity for this market?

(d) Based on the answer to (c), comment on whether the equilibrium point is profit- maximizing?

Posted Date: Oct 05, 2021 08:25 PM

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Suppose Good X is sold in a competitive market and has a straight-line demand curve that cuts

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a A Linear demand Bunetion is 60 000 3D A... View the full answer

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