Suppose that the market demand and supply curves for chocolate ice cream are represented by the following equations:
QD = 10,000 - 50P
QS = -200 + 40P
where QD is the quantity demanded, QS 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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a. Using the derivativ...
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