Suppose the supply of a good is given by the quantity (Q) is measured in millions of units The equilibrium quantity in this market is 4 the following graph, plot the demand curve place the black point (plus symbol) at the ec PRICE (Dollars per unit) 10 9 8 7 6 5 3 2 1 0 0 1 2 5 6 QUANTITY (Millions of 3 4

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose the supply of a good is given by the equation Q = −6+2P and the demand for the good is given by the equation QD = 14 - 2P, where
quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit.
The equilibrium quantity in this market is 4 million
PRICE (Dollars per unit)
the following graph, plot the demand curve using the blue line (circle symbol) and plot the supply curve using the orange line (square symbol). Then
place the black point (plus symbol) at the equilibrium price and quantity. Dashed drop lines will automatically extend to both axes.
10
9
8
7
2
1
0
0
1
2
3 4 5
6
7
QUANTITY (Millions of units)
8
units and the equilibrium price is
9
10
Demand
Supply
$5.
Equilibrium
Transcribed Image Text:Suppose the supply of a good is given by the equation Q = −6+2P and the demand for the good is given by the equation QD = 14 - 2P, where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market is 4 million PRICE (Dollars per unit) the following graph, plot the demand curve using the blue line (circle symbol) and plot the supply curve using the orange line (square symbol). Then place the black point (plus symbol) at the equilibrium price and quantity. Dashed drop lines will automatically extend to both axes. 10 9 8 7 2 1 0 0 1 2 3 4 5 6 7 QUANTITY (Millions of units) 8 units and the equilibrium price is 9 10 Demand Supply $5. Equilibrium
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