Consider the following four equations: p=0.01q-5, p=0.005q+0.5 , p=-0.01q -10 , p p= -0.01q+5 . One is the equation of a supply curve, and another is the equation of a demand curve. Identify the two equations, and then find the intersection point of those two curves.

Consider the following four equations: p=0.01q-5, p=0.005q+0.5 , p=-0.01q -10 , p p= -0.01q+5 . One is the equation of a supply curve, and another is the equation of a demand curve. Identify the two equations, and then find the intersection point of those two curves.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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Question

Consider the following four equations: p=0.01q-5, p=0.005q+0.5 , p=-0.01q -10 , p p= -0.01q+5 .

One is the equation of a supply curve, and another is the equation of a demand curve. Identify the two equations, and then find the intersection point of those two curves.

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