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Solved: Supply and Demand Let the supply and demand
Chapter 1, Problem 30A(choose chapter or problem)
QUESTION:
Problem 30A
Supply and Demand Let the supply and demand functions for sugar be given by
p = S(q) = 1.4q − 0.6 and
p = D(q) = −2q + 3.2,
where p is the price per pound and q is the quantity in thousands of pounds.
a. Graph these on the same axes.
b. Find the equilibrium quantity and the equilibrium price.
Questions & Answers
QUESTION:
Problem 30A
Supply and Demand Let the supply and demand functions for sugar be given by
p = S(q) = 1.4q − 0.6 and
p = D(q) = −2q + 3.2,
where p is the price per pound and q is the quantity in thousands of pounds.
a. Graph these on the same axes.
b. Find the equilibrium quantity and the equilibrium price.
ANSWER:
Solution:-
Step 1 of 3
Given that
a. We have to draw a graph these on the same axes.