At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The demand and supply functions for your college newspaper are, q = −9,000p + 2,800 and q = 3,000p + 400, respectively, where p is the price in dollars. At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?

 

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Demand shows the willingness and ability of people to buy goods and services at various possible prices .

supply shows the quantity supplied at various prices by a producer.

equilibrium level is the state when both demand and supply are equal . At this point there is no surplus nor a shortage.

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