ven the following linear functions describing the supply and demand for widgets:na, using the algebraic methods explained in the lesson, the equilibrium price) Cony substituting the equilibrium price into the original functions, calculate the equilibrium quantityrconirm your results by completing a supply and demand schedule and by graphing the supply and demandcurves, being sure to mark in the equilibrium price and quantity on the axes.Qs = -4 + 2PQd = 24 - 2Pa) Equiibrium price : as- QdQs =-4+2x7=10Qd - 24-14= 10%3D-4+ap= 24-2P-4P=-28P=7Qs = -4 + 2PloPrice ($)Qd 24 - 2P8.10102.Equaibrium at (7,10)123456189 10Price

Demand: It refers to the demand for the goods and services which the people use for the consumption…

2. Given the following linear functions describing the supply and demand for widgets: a) Find, using the algebraic methods explained in the lesson, the equilibrium price by substituting the equilibrium price into the original functions, calculate the equilibrium quantity C) Confirm your results by completing a supply and demand schedule and by graphing the supply and demane curves, being sure to mark in the equilibrium price and quantity on the axes.

2. Given the following linear functions describing the supply and demand for widgets: a) Find, using the algebraic methods explained in the lesson, the equilibrium price by substituting the equilibrium price into the original functions, calculate the equilibrium quantity C) Confirm your results by completing a supply and demand schedule and by graphing the supply and demane curves, being sure to mark in the equilibrium price and quantity on the axes.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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