Suppose the supply and demand equation are given as follow: Demand: Qd=142-2*p Supply: Qs=12+2*p What's the equilibrium quantity? (Hint: enter your answer in 2 decimal places)

Suppose the supply and demand equation are given as follow: Demand: Qd=142-2p Supply: Qs=12+2p What's the equilibrium quantity? (Hint: enter your answer in 2 decimal places)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Suppose the supply and demand equation are given as follow:
Demand: Qd=142-2*p
Supply: Qs=12+2*p
What's the equilibrium quantity? (Hint: enter your answer in 2 decimal places)
Your Answer:

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