Suppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
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vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
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- what are the determinants of demand for a productUse the point drawing tool to show an increase in demand given the combination of price and quantity-demanded shown at point A. Carefully follow the instructions above, and only draw the required object. C Price Quantity (per month) DIdentify two causes, apart from an increase in income, of an increase in demand for a product.