Question
Fimd the market price and demand for the pair of supply and demand equAtions:
supply: Q=88p+653
Demand: q=1903- 37 p
supply: Q=88p+653
Demand: q=1903- 37 p
Answers
drwls
When supply = demand, Q = q
88 p + 653 = 1903 - 37p
125 p = 1250
p = 10
demand = 1903 - 370 = 1533 units
The supply equation looks rather phony. Why supply any at zero price?
88 p + 653 = 1903 - 37p
125 p = 1250
p = 10
demand = 1903 - 370 = 1533 units
The supply equation looks rather phony. Why supply any at zero price?