The demand for goods of an industry is given by the equation PQ = 100, where p stands for %3D price and q for quantity demanded. Supply is given by the equation 20 + 3p = q. What is the %3D equilibrium price and quantity demanded?
The demand for goods of an industry is given by the equation PQ = 100, where p stands for %3D price and q for quantity demanded. Supply is given by the equation 20 + 3p = q. What is the %3D equilibrium price and quantity demanded?
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 16RQ: If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on...
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