ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 5.10P
To determine
The reason behind higher price under market shortage, some consumers paying that higher price and the point till where the firms will stop raising the prices further.
Concept Introduction:
Market shortage: When the supply is less in the market than the demand of the commodity, this excess demand or shortage in supply is known as market shortage.
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If the demand in a market is Q = 63 – 4P and the supply is Q = -3 + 3P, then what is the equilibrium price (rounded to two decimal places)?
17.- Mention and explain what each of the types of supply , for the analysis of the supply.
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