Suppose it is known that the number of goods "X" demanded and offered at two different price levels isas shown in the following table:PriceAmount Requested (Unit)Amount Offered (Unit)(IDR)12016018015024002000Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs)of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

1. Slope for demand function = (160-120)/(2000-2400) = 40/(-400) = -0.1 P = -0.1 x Quantity +…

Suppose known that the number of goods demanded and offered at two different price levels iS as shown in the following table: Amount Requested (Unit) Price (IDR) 2400 2000 Amount Offered (Unit) 120 180 160 150 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

Suppose known that the number of goods demanded and offered at two different price levels iS as shown in the following table: Amount Requested (Unit) Price (IDR) 2400 2000 Amount Offered (Unit) 120 180 160 150 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter5: Income And Substitution Effects

Section: Chapter Questions

Problem 5.13P

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