Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Question
Consider the market for gasoline in a particular city. Suppose the supply and demand curves for gallons of gasoline are as follows:
Supply : Q = - 30,000 + 200,000P
Demand : Q = 575,000 – 20,000P
Solve for the equilibrium price of gasoline.
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