Question

Asked Nov 20, 2019

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Step 1

p=price and q= quantity

a) For price - supply two coordinates are(p,q)= (0.41,402) and (0.80,532)

Then use two point formula to find the equation of the line.

Answer(a): p=0.003q-0.796

Step 2

p=price and q= quantity

b) For price - demand two coordinates are(p,q)= (0.41,565) and (0.80,175)

Then use two point formula to find the equation of the line.

Answer(b): p=-0.001q+0.975

Step 3

c) To find equilibrium point set the two prices equal and solve for q.

q=443

For q=443 , ...

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