Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 9SQ
Related questions
Question
The demand and supply functions for your college newspaper are, q = −9,000p + 2,800 and q = 3,000p + 400, respectively, where p is the price in dollars. At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?
Expert Solution
Step 1
Demand shows the willingness and ability of people to buy goods and services at various possible prices .
supply shows the quantity supplied at various prices by a producer.
equilibrium level is the state when both demand and supply are equal . At this point there is no surplus nor a shortage.
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