Suppose supply and demand are represented by the following equations:
Q_D = 25 - 0.4P
Q_S = 7 + 0.2P
If supply changes so that
Q_S = 13 + 0.2P
calculate the change in equilibrium price that results.

Question

Suppose supply and demand are represented by the following equations: Q_D = 25 - 0.4P Q_S = 7 + 0.2P If supply changes so that Q_S = 13 + 0.2P calculate the change in equilibrium price that results.

Quizplus · Accepted Answer

The Answer of Suppose supply and demand are represented by the following equations: Q_D = 25 - 0.4P Q_S = 7 + 0.2P If supply changes so that Q_S = 13 + 0.2P calculate the change in equilibrium price that results.

Suppose Supply and Demand Are Represented by the Following Equations