The Price of a Certain Commodity in Dollars Per Unit

question 167

Multiple Choice

The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by . Find the equilibrium price of the commodity.
(Hint: It's given by .Also, use the fact that .)

• A)The equilibrium price of the commodity is $7.
• B)The equilibrium price of the commodity is $12.
• C)The equilibrium price of the commodity is $9.
• D)The equilibrium price of the commodity is $4.

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Definitions:

Sole Proprietorship

A business structure where a single individual owns and runs the business, bearing all the profits and responsibilities for liabilities and debts.