The supply and demand for the Iguana market be represented by the following equations, where P represents

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The supply and demand for the Iguana market be represented by the following equations, where P represents the purchase price of an Iguana

qD= 500- .5P

QS=p-250

If the current price for an Iguana is $300, is the market in equilibrium?

Would you expect the price to rise, fall, or remain the same?

Find the quantity supplied and demanded at the price of $600.

If it is not in equilibrium at either two prices, find the equilibrium price and quantity.

Related Book For answer-question

Core Macroeconomics

ISBN: 978-1464191435

3rd edition

Authors: Eric Chiang

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Posted Date: Feb 15, 2024 06:36 AM

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The supply and demand for the Iguana market be represented by the following equations, where P represents

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The market is not in equilibrium at the current price of 300 The quantit... View the full answer

Core Macroeconomics

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