19) Consider the market for drinking water on a summer camping trip. The supply for water (in gallons) is Qs = 2 + 2P. There are two people on the camping trip, Tony and Khushbu. Tony's demand for drinking water is Qprony = 18 – 3P and Khushbu's demand is = 6 – P. a. What is the total demand for water on this trip? b. Graph supply and demand for drinking water and find the equilibrium price and quantity. c. Suppose some external factors cause the supply of water to shift to Qs = 12 + 2P. Graph this change and calculate the new equilibrium price and quantity.
19) Consider the market for drinking water on a summer camping trip. The supply for water (in gallons) is Qs = 2 + 2P. There are two people on the camping trip, Tony and Khushbu. Tony's demand for drinking water is Qprony = 18 – 3P and Khushbu's demand is = 6 – P. a. What is the total demand for water on this trip? b. Graph supply and demand for drinking water and find the equilibrium price and quantity. c. Suppose some external factors cause the supply of water to shift to Qs = 12 + 2P. Graph this change and calculate the new equilibrium price and quantity.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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