1. Suppose that the supply and demand for sunglasses are p= 0.8q +6 p=-1.2q +14 Where p is the price in dollars and q is the quantity in hundreds. a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each. Discuss the stability of the sunglasses market at this price. b. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11 each. Discuss the stability of sunglasses market at this price. c. Find the equilibrium price and quantity.
1. Suppose that the supply and demand for sunglasses are p= 0.8q +6 p=-1.2q +14 Where p is the price in dollars and q is the quantity in hundreds. a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each. Discuss the stability of the sunglasses market at this price. b. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11 each. Discuss the stability of sunglasses market at this price. c. Find the equilibrium price and quantity.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...
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