2021, Total demand has increased by 50% and the supply increased by 70% in the dom due to technological advances in the production methods. What should you obse market equilibrium point based on this situation? (Hint: both curves are normal in O a. Price decreases, equilibrium quantity exchanged decreases O b. Price decreases, equilibrium quantity exchanged increases O c. Price increases, equilibrium quantity exchanged increases O d. Price increases, equilibrium quantity exchanged is undetermined

2021, Total demand has increased by 50% and the supply increased by 70% in the dom due to technological advances in the production methods. What should you obse market equilibrium point based on this situation? (Hint: both curves are normal in O a. Price decreases, equilibrium quantity exchanged decreases O b. Price decreases, equilibrium quantity exchanged increases O c. Price increases, equilibrium quantity exchanged increases O d. Price increases, equilibrium quantity exchanged is undetermined

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P=80−2Qd.P=80−2Qd. Supply is represented by the equation P=−20+2Qs,P=−20+2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.
Answer ASAP correctly with proper explanation of the each option
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