There are about 2500 leather wallets available in a country. When the price of these wallets is raised to $3000, economists believe that people may not be willing to buy them. On the other hand, if the price is decreased to $0, the 2500 leather wallets will be sold out. However, no producers will be willing to sell them at $0. If the price is set to $1000, producers will be willing to sell all 2500 leather wallets. Create the demand and supply equation for the leather wallets based on the given information.
There are about 2500 leather wallets available in a country. When the price of these wallets is raised to $3000, economists believe that people may not be willing to buy them. On the other hand, if the price is decreased to $0, the 2500 leather wallets will be sold out. However, no producers will be willing to sell them at $0. If the price is set to $1000, producers will be willing to sell all 2500 leather wallets. Create the demand and supply equation for the leather wallets based on the given information.
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 7SQ
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There are about 2500 leather wallets available in a country. When the price of these wallets is raised to $3000, economists believe that people may not be willing to buy them. On the other hand, if the price is decreased to $0, the 2500 leather wallets will be sold out. However, no producers will be willing to sell them at $0. If the price is set to $1000, producers will be willing to sell all 2500 leather wallets.
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