Mathematics, 18.04.2020 02:42 KatieQ1
A small organic grocer will buy 100 avocados per month if the price is $1 each and 60 avocados per month if the price is $3 each. A farmer is willing to supply the grocer with 60 avocados per month if the price is $2 each and 80 avocados per month if the price is $3 each. Assume that the supply and demand functions are both linear. Use the letter q for the quantity variable in the first two questions below. The demand function is p = The supply function is p = The market equilibrium point occurs where p = and q = Therefore, the equilibrium price for each avocado is
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A small organic grocer will buy 100 avocados per month if the price is $1 each and 60 avocados per m...
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