Scenario 4-1 Suppose the Demand Schedule in a Market Can Be Represented

question 144

Short Answer

Scenario 4-1
Suppose the demand schedule in a market can be represented by the equation
, where is the quantity demanded and is the price. Also, suppose the supply schedule can be represented by the equation , where is the quantity supplied.
-Refer to Scenario 4-1. Suppose the supply curve shifts to . What is the new equilibrium price and quantity in this market?

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