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Vlad1618 [11]
3 years ago
8

(Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0

.2Q. If demand changes from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium quantity is
Business
1 answer:
ioda3 years ago
5 0

Answer:

Q = 10

Explanation:

Assuming that supply remains the same, the new supply and demand equations are, respectively:

P_S = 2 + 0.2Q\\P_D = 7 - 0.3Q

The equilibrium quantity occurs at the point for which the prices in the supply and demand equations are the same:

2 + 0.2Q = 7 - 0.3Q\\0.5Q=5\\Q=10

The new equilibrium quantity is Q = 10.

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