Suppose That the Market Demand and Supply Curves for Granola

question 129

Essay

Suppose that the market demand and supply curves for granola bars are represented by the following equations:
Q^D = 7,000 - 120P
Q^S = -50 + 20P
where Q^D is the quantity demanded, Q^S is the quantity supplied, and P is the price.
a. Show that the law of demand holds using calculus.
b. Show that the law of supply holds using calculus.

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