
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
question # 14
with brief explanation

Transcribed Image Text:14. Use the following data to answer questions a through d.
Quantity
Quantity
Supplied
Demanded
Price
$20
$18
$16
$14
$12
$10
$8
30
25
20
15
10
5
0
18A3-318
Chapter
0
5
2 10 M3R 15.
15
20
25
30
a. What is the equilibrium price and quantity?
b. Draw the demand and supply curves. If this repre-
sents perfect competition, are the curves individual-
firm or market curves? How is the quantity supplied
derived?
16
2st grip 17
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