EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Question
Chapter 1, Problem 1.9P
To determine
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Suppose the demand equation for shale gas is Qd=10P^-1.8 and the supply equations Qs=2P^0.2What is the equilibrium price and equilibrium quantity?
The supply and demand equations of a good are given by the following formulas
P=4Qs +48
P = -4QD + 240
Find the equilibrium price and quantity.
The equilibrium quantity is. (Type an integer or a decimal.)
The equilibrium price is $. (Type an integer or a decimal.)
When both the supply and demand curves shift in the same direction, the change in equilibrium quantity will be in the
same direction as the shifting curves.
True
False
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1 - Prob. 1RECh. 1 - Prob. 2RECh. 1 - Prob. 3RECh. 1 - Prob. 4RECh. 1 - Prob. 5RECh. 1 - Prob. 6RECh. 1 - Prob. 7RECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3P
Ch. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10PCh. 1 - Prob. 1.11PCh. 1 - Prob. 1.12PCh. 1 - Prob. 1.13PCh. 1 - Prob. 1.14PCh. 1 - Prob. 1.15PCh. 1 - Prob. 1.16PCh. 1 - Prob. 1.17PCh. 1 - Prob. 1.18PCh. 1 - Prob. 1.19PCh. 1 - Prob. 1.20PCh. 1 - Prob. 1.21P
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