Consider that, in a market, demand function corresponds to general form P = a - b*Q and that supply function is defined as P = c + d*Q. a) Obtain algebraic expression for equilibrium price. b) Identify the (logical) conditions necessary for the price to always be a positive value.

Consider that, in a market, demand function corresponds to general form P = a - bQ and that supply function is defined as P = c + dQ. a) Obtain algebraic expression for equilibrium price. b) Identify the (logical) conditions necessary for the price to always be a positive value.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.7: Application 7: Why Do Colleges Use Gpa,s Actss, And Sats, For Purposes Of Admission?

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Consider that, in a market, demand function corresponds to general form P = a - b*Q and that supply function is defined as P = c + d*Q.
a) Obtain algebraic expression for equilibrium price.
b) Identify the (logical) conditions necessary for the price to always be a positive value.

Identification and sourcing products or services to deliver to the marketplace and to promote them. These functions include product management, selling, pricing, marketing information, distribution, promotion, and financing.

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