The demand function for fountain pens last week is given as Qd=14-2P. If two fountain pens are sold at $4.00 each at the end of this week: Formulate the supply function. Find the equilibrium price. Find the equilibrium quantity.
The demand function for fountain pens last week is given as Qd=14-2P. If two fountain pens are sold at $4.00 each at the end of this week: Formulate the supply function. Find the equilibrium price. Find the equilibrium quantity.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 7QP
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- Formulate the supply function.
- Find the
equilibrium price . - Find the
equilibrium quantity .
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