Find the mode and median of the data 12 16 12 14 12 15 15
1 answer:
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Answer:
The intersection point of the two curves is .
Step-by-step explanation:
From statement we get the following equations:
Supply curve
(1)
Demand curve
(2)
Where:
- Quantity, measured in thousands of metric tons.
- Price, measured in US dollars per metric tons.
If we add both equations, then we find that quantity is:
Then, we finally find the price by substituting on (2):
The intersection point of the two curves is .