5. The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 6.13P
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6. The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at
Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98
and the highest price at which the consumer will buy is Php140. Find the demand and supply
functions assuming that they are both linear.
Transcribed Image Text:6. The market equilibrium point for a commodity occurs when 3,200 units are produced and sold at Php124 per unit. The lowest price at which the producer is willing to supply the product is Php98 and the highest price at which the consumer will buy is Php140. Find the demand and supply functions assuming that they are both linear.
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