Find the equilibrium price and quantity 1. Suppose that the supply and demand for sunglasses arep= 0.8q +6p =-1.2q +14Where p is the price in dollars and q is the quantity in hundreds.

Name: Find the equilibrium price and quantity 1. Suppose that the supply and
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Description: Find the equilibrium price and quantity 1. Suppose that the supply and demand for sunglasses arep= 0.8q +6p =-1.2q +14Where p is the price in dollars and q is the quantity in hundreds.

Supply: p=0.8q+6 Demand: p=-1.2q+14

Answered: 1. Suppose that the supply and demand…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 32CTQ: Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price...

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Find the equilibrium price and quantity

1. Suppose that the supply and demand for sunglasses are
p= 0.8q +6
p =-1.2q +14
Where p is the price in dollars and q is the quantity in hundreds.

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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