ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Step 1: Define demand and supply
The demand is the desire of the individual to buy a product or good based on willingness and ability to pay. It depends upon the income of the consumers. The supply is the amount of goods that is produced by a producer to consumers. The supplied goods are purchased by consumers in the market.
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