Maurice Tutor

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Category > Management Posted 09 Oct 2017 My Price 5.00

equilibrium price

What are the equilibrium price and amount bought and sold when individual demand and supply are as in exercises 14.1 and 14.2?

Exercises 14.1

Juan’s demand function for ice cream cones is Qd Juan = 10 - 2.5P at prices below $4 and zero at prices above $4. Emily’s demand function is Qd Emily = 6 - 1.5P at prices below $4 and zero at prices above $4. What is the market demand function? Graph the individual and market demand curves.

Exercises 14.2

Anitra’s supply function for ice cream cones is Qs Anitra = 6P - 4 at prices above $1.50 and zero at prices below $1.50. Robert’s supply function is Qd Robert = 4P - 8 at prices above $2 and zero at prices below $2. What is the market supply function? Graph the individual and market supply curves.

Answers

Maurice Tutor
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Status NEW Posted 09 Oct 2017 10:10 PM My Price 5.00

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