A) What is the equation for the demand? p= B) What is the equation for the supply? p= c) What is the market equilibrium point?Explain in details
A) What is the equation for the demand? p= B) What is the equation for the supply? p= c) What is the market equilibrium point?Explain in details
Chapter4: Markets In Action
Section: Chapter Questions
Problem 6SQ
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A local store will buy 20 doorbell cameras from a supplier if the price is $77 each. If the price drops to $27 , then the store will buy 30 . The supplier is willing to sell 66 doorbell cameras for the price of $50.50 each, but only 49 at a price of $42.00 each. Find the supply and demand functions and the market equilibrium point. Assume both the supply and demand are linear. Use integers, fractions or decimals to describe the slopes and p-intercepts. A) What is the equation for the demand? p= B) What is the equation for the supply? p= c) What is the market equilibrium point?Explain in details
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