Mathematics, 19.02.2021 03:50 evazquez
A demand function is known to be linear. If the price (P) and Quantity demanded (Q) are drawn on a graph of P against Q, the graph passes through the following points: Q = 10, P = 50 and Q = 20, P = 30.
The corresponding supply function is also linear and it is known to pass through the following points: Q = 15, P = 10 and Q = 40, P = 35
1. Find the equation of the demand function. 2. Find the equation of the supply function. 3. Find the point of market equilibrium.
Answers: 2
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A demand function is known to be linear. If the price (P) and Quantity demanded (Q) are drawn on a g...
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