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. Suppose that the total market demand for a product consists of the demands of individual 1 and individual 2. The demand equat...Asked by anon
9. Suppose that the total market demand for a product consists of the demands of
individual 1 and individual 2. The demand equations of the two individuals are given by
the following equations:
QD,1 =20-P
QD,2 =60-5P
Suppose that the total market supply is given by the equation:
QS =-18+3P
a. What are the market equilibrium price and quantity? (10 points)
b. Please diagram your answers to part a. (10 point
Im confused because I got 80-6p for my mkt demand but if I make qd=qs im getting decimal answers for p and that doesnt make sense. I know Im doing something wrong but i have no idea what it is.
individual 1 and individual 2. The demand equations of the two individuals are given by
the following equations:
QD,1 =20-P
QD,2 =60-5P
Suppose that the total market supply is given by the equation:
QS =-18+3P
a. What are the market equilibrium price and quantity? (10 points)
b. Please diagram your answers to part a. (10 point
Im confused because I got 80-6p for my mkt demand but if I make qd=qs im getting decimal answers for p and that doesnt make sense. I know Im doing something wrong but i have no idea what it is.
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