The daily worldwide demand function for crude oil (in millions of gallons) is Qd = 17 -

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The daily worldwide demand function for crude oil (in millions of gallons) is Qd = 17 - √P and the daily supply function is Qs √P - 1, where Pis the price per gallon. What is the equilibrium price of crude oil? What is the quantity bought and sold each day?
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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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