Suppose the market demand for pizza is given by:
qd = 300 - 20p
qs = 20p - 100 where p = price (per pizza).
1. suppose the price of hamburgers, a subsitute for pizza, doubles. this leads to a doubling of the demand for pizza. (at each price, consumers demand twice as much pizza as before.) write the equation for the new market demand for pizza.
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Suppose the market demand for pizza is given by:
qd = 300 - 20p
qs = 20p - 100 where p...
qd = 300 - 20p
qs = 20p - 100 where p...
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