The demand curve for a product has equation p =100e -0.008q and the supply curve has equation p =4vq + 10 for 0 <95 500, where q is quantity and p is price indollars per unit. (a) At a price of $50, what quantity are consumers willing to buyand what quantity are producers willing to supply? Will the marketpush prices up or down?

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
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The demand curve for a product has equation p
=100e and the supply curve has equation
-0.008q
p =4vq + 10 for 0 <9 5 500, where q is
quantity and p is price indollars per unit.
(a) At a price of $50, what quantity are consumers
willing to buyand what quantity are producers
willing to supply? Will the marketpush prices up or
down?
Transcribed Image Text:The demand curve for a product has equation p =100e and the supply curve has equation -0.008q p =4vq + 10 for 0 <9 5 500, where q is quantity and p is price indollars per unit. (a) At a price of $50, what quantity are consumers willing to buyand what quantity are producers willing to supply? Will the marketpush prices up or down?
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