We have a market with linear demand and supply.
The demand curve is P=9-q and the supply curve is P=q/2.
(1)Determine the equilibrium otuput and price in this market.
microeconomics
2008-06-09 1:50 pm
回答 (1)
2008-06-09 2:15 pm
✔ 最佳答案
1) P = 9-q2) P = q/2
sub 1) into 2), there is...
9-q = q/2
18-2q = q
18 = 3q
so q = 6
sub q = 6 into 1) or 2):
1) P = 9-6 = 3
2) P = 6/2 = 3
So the eqiumbrium price is 3 and the equilibrium output is 6.
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