Suppose that the demand per ounce of a rare type of chocolate, Qp, is represented by the following equation, where P is the price of chocolate and Qp is the quantity of chocolate sold: QD=2200- 18P The supply of chocolate, Qs. is represented by the equation: Qs=-500+81P

Suppose that the demand per ounce of a rare type of chocolate, Qp, is represented by the following equation, where P is the price of chocolate and Qp is the quantity of chocolate sold: QD=2200- 18P The supply of chocolate, Qs. is represented by the equation: Qs=-500+81P

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...

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Suppose that the demand per ounce of a rare type of chocolate, Qp, is represented
by the following equation, where P is the price of chocolate and Qp is the quantity of
chocolate sold:
QD=2200- 18P
The supply of chocolate, Qs. is represented by the equation:
Qs=-500+81P
D

Find the equilibrium price and quantity of chocolate sold. Give your
answers to two decimals.
Price $
Quantity
I

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