(Answered) Question and solutionsuppose that the supply and demand

Management Studies

Question and solution:

Suppose that the supply and demand curves can be described by the following two equations:

Q=3P-6

and

Q=120-3P

a. Which equation is the supply curve and which equation is the demand curve? How do you know?

Demand curve is Q=120-3P (because P increases, Q decreases)

Supply curve is Q=3P-6 (because P increases, Q increases).

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Business Management, Management Studies

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