Suppose that the market demand for 32-oz. wide mouth Nalgene bottles is Q = 50,000p^-1.076, where Q is the quantity of bottles per week and p is the price per bottle. The market supply is Q = 0.01p^7.208. What is the equilibrium price and quantity
Suppose that the market demand for 32-oz. wide mouth Nalgene bottles is Q = 50,000p^-1.076, where Q is the quantity of bottles per week and p is the price per bottle. The market supply is Q = 0.01p^7.208. What is the equilibrium price and quantity
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Transcribed Image Text:Suppose that the market demand for 32-oz. wide
mouth Nalgene bottles is Q = 50,000p^-1.076,
where Q is the quantity of bottles per week and p
is the price per bottle. The market supply is Q =
0.01p^7.208. What is the equilibrium price and
quantity
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