Suppose that the smart-phone market has the demand equation of P = 1,200 - 3.5Q and the supply equation of P = 450 + 2.5Q°. a. Find the equilibrium-price and equilibrium-quantity for this market?b.Draw a graph to show this market and compute for consumer surplus, producer surplus and market surplus
Suppose that the smart-phone market has the demand equation of P = 1,200 - 3.5Q and the supply equation of P = 450 + 2.5Q°. a. Find the equilibrium-price and equilibrium-quantity for this market?b.Draw a graph to show this market and compute for consumer surplus, producer surplus and market surplus
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 3.8P
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Suppose that the smart-phone market has the
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