The domestic demand and supply for sugar are Q^d = 60,000 − 400P and Q^SD = 20,000 + 500P.The foreign supply is Q^SF = 20,000 + 100P.What is the domestic market price of sugar?

Question

Quizplus · Accepted Answer

To find the domestic market price, we need to equate the domestic demand and supply equations:
60,000 − 400P = 20,000 + 500P
Solving for P, we get:
P = $20
Therefore, the domestic market price of sugar is $20.

The Domestic Demand and Supply for Sugar Are Qd =

The Domestic Demand and Supply for Sugar Are Q^d =