Now, we can plot the demand and supply curves on a graph, with P on the vertical axis and Q on the horizontal axis. Demand curve: P = 833 - Q To plot the demand curve, we can start with a point on the vertical axis where P = 833 when Q = 0. Then, we can plot additional points by subtracting values of Q from 100 and finding the corresponding values of P using the equation P = 833 - Q. This gives us the following demand curve: Supply curve: P = Q - 32 To plot the supply curve, we can start with a point on the vertical axis where P = -32 when Q = 0. Then, we can plot additional points by adding values of Q to 50 and finding the corresponding values of P using the equation P = Q - 32. This gives us the following supply curve:

Now, we can plot the demand and supply curves on a graph, with P on the vertical axis and Q on the horizontal axis. Demand curve: P = 833 - Q To plot the demand curve, we can start with a point on the vertical axis where P = 833 when Q = 0. Then, we can plot additional points by subtracting values of Q from 100 and finding the corresponding values of P using the equation P = 833 - Q. This gives us the following demand curve: Supply curve: P = Q - 32 To plot the supply curve, we can start with a point on the vertical axis where P = -32 when Q = 0. Then, we can plot additional points by adding values of Q to 50 and finding the corresponding values of P using the equation P = Q - 32. This gives us the following supply curve:

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.3P

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