If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q = 10, compare the quantity demanded and the quantity supplied when the price is $70. quantity demanded ? pairs of shoes quantity supplied ? pairs of shoes Will there be a surplus or shortfall at this price? There will be a surplus or There will be a shortfall
If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q = 10, compare the quantity demanded and the quantity supplied when the price is $70. quantity demanded ? pairs of shoes quantity supplied ? pairs of shoes Will there be a surplus or shortfall at this price? There will be a surplus or There will be a shortfall
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Question
If the
quantity demanded | ? | pairs of shoes |
quantity supplied | ? | pairs of shoes |
Will there be a surplus or shortfall at this price?
There will be a surplus or There will be a shortfall
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