Suppose that in the market for good X there are 4000 consumers, with an individual demand curve given by: 𝑄 𝐷 = 30 − 0.75𝑃. There are also 100 producers, each of which has a supply curve given by: 𝑄 𝑆 = −300 + 20𝑃 Page 5 of 12 2.1.1. Determine the equilibrium price and quantity in this Marketplace. Represent graphically.
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