The supply and demand curves for pears are QS = 10,000P QD = 25,000 - 15,000P where
Question:
QS = 10,000P
QD = 25,000 - 15,000P
where QS is the quantity (tons) supplied, QD is the quantity (tons) demanded, and P is the price per pear (in hundreds of dollars per ton).
a. Plot the supply and demand curves.
b. What is the equilibrium price?
c. What is the equilibrium quantity?
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Step by Step Answer:
a b Setting Q S Q D we get 2...View the full answer
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Related Book For 
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
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