Asked by faith
consider the following functions;
Q1=36-1/3p
Q2=-9+1/2p
1. Identify the demand and the supply functions with reasons.
2. Determine the equilibrium price and equilibrium quantity.
Q1=36-1/3p
Q2=-9+1/2p
1. Identify the demand and the supply functions with reasons.
2. Determine the equilibrium price and equilibrium quantity.
Answers
Answered by
oobleck
since Q1 declines as price increases, it must be the demand function
set Q1=Q2 to find equilibrium p
set Q1=Q2 to find equilibrium p
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.