There are 10,000 identical individuals in the market for commodity X, each with a demand function given by Qdx=12-2Px and 1,000 producers of commodity X each with the function Qsx=20Px. a) What happens to price and quantity if the supply curve shifted to QSx = 40,000 + 20,000Px b) Explain the determinants resulting to it

There are 10,000 identical individuals in the market for commodity X, each with a demand function given by Qdx=12-2Px and 1,000 producers of commodity X each with the function Qsx=20Px. a) What happens to price and quantity if the supply curve shifted to QSx = 40,000 + 20,000Px b) Explain the determinants resulting to it

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.7: Application 7: Why Do Colleges Use Gpa,s Actss, And Sats, For Purposes Of Admission?

Problem 2ST

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