Suppose IronTown demand and supply curves for oil is given by ? = 500−4? ? = −100+6? Determine which one is the supply curve and which one is the demand curve and why? Calculate the equilibrium price and quantity. Suppose that IronTown demand changes to ? = 600−4?. Find the new equilibrium price and quantity.

Suppose IronTown demand and supply curves for oil is given by ? = 500−4? ? = −100+6? Determine which one is the supply curve and which one is the demand curve and why? Calculate the equilibrium price and quantity. Suppose that IronTown demand changes to ? = 600−4?. Find the new equilibrium price and quantity.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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