Suppose demand and supply functions are given by:
2
1
4
1
2
1
7 x
s
x x
d
x Q P and Q P
a. Determine equilibrium P and Q in this market b. Use graph to show market equilibrium
2
1
4
1
2
1
7 x
s
x x
d
x Q P and Q P
a. Determine equilibrium P and Q in this market b. Use graph to show market equilibrium