Demand: Q = 150 – 3P and supply: Q = P + 50 . What is the equilibrium price(Pe) and quantity(Qe)? Calculate and show on a graph. (10p) If supply curve equation becomes Q= P + 70 how does supply curve shift? How do Qe and Pe change? Show on graph and calculate. (10p)
Demand: Q = 150 – 3P and supply: Q = P + 50 . What is the equilibrium price(Pe) and quantity(Qe)? Calculate and show on a graph. (10p) If supply curve equation becomes Q= P + 70 how does supply curve shift? How do Qe and Pe change? Show on graph and calculate. (10p)
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 4SQP
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Demand: Q = 150 – 3P and supply: Q = P + 50 .
What is the
If supply curve equation becomes Q= P + 70 how does supply curve shift? How do Qe and Pe change? Show on graph and calculate. (10p)
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