1. Suppose that the market of iPhone 12 has recorded the following equations for: Q= 1000-20P and Q= 100+10P a) Calculate the equilibrium price in $ per unit and quantity for the market? b) Draw the graph of the market equilibrium for iPhones? c) Find the new market equilibrium if the price per unit doubles than its initial level (in a)?
1. Suppose that the market of iPhone 12 has recorded the following equations for: Q= 1000-20P and Q= 100+10P a) Calculate the equilibrium price in $ per unit and quantity for the market? b) Draw the graph of the market equilibrium for iPhones? c) Find the new market equilibrium if the price per unit doubles than its initial level (in a)?
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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