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Problem:

Assume that the demand and supply functions for the good X are Qd = 50 - 8P

Qd = -17.5 + 10P

Required:

1. What is the equilibrium price and quantity?

2. What is the market consequence if price is $2.75? What do you expect to occur? Why?

3. What is the market consequence when price is $4.25? What do you expect occur? Why?

4. What occurs to equilibrium price and quantity when the demand function becomes Qd = 59 - 8P?

5. What occurs to equilibrium price and quantity when the supply function becomes Qd = -40 + 10P (demand is Qd = 50 - 8P)?

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M914067

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