Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose the
What is the
Expert Solution
Step 1
Given the equations
Demand (Qd)=10P^-1.8
Supply (Qs)=2P^0.2
Equate Demand and supply to obtain equilibrium quantity and supply.
Step 2
Demand (Qd)= Supply (Qs)
=10P^-1.8 = 2P^0.2
=(10P^-1.8) - (2P^0.2)
P= 6.3095 - 1.1486 = 5.16
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