Business, 06.03.2020 01:03 oscar3231

Recall that the demand equation is Q=27-3P, the supply equation is Q=-9+9P, the initial equilibrium price is P=$3.00 (dollars per pound), and the initial equilibrium quantity is Q=18 (million metric tons per year).Using the given demand and supply equations, calculate the effect of a 25-percent decrease in copper demand on the price of copper. Note: use the initial equilibrium values for P* (= $3.00) and Q* (= 18 million metric tons) when calculating the changes below. As a result of this change in demand, the price of copper will (increase/decrease) by $ .

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Recall that the demand equation is Q=27-3P, the supply equation is Q=-9+9P, the initial equilibrium...

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