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LecE2Monday

# LecE2Monday - Clicker Check Question Have you taken a...

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Clicker Check Question: Have you taken a calculus course? Never. high school but no... am taking my first ... have completed a c... 0% 0% 0% 0% 1. Never. 2. In high school but not college. 3. I am taking my first calculus course this term. 4. I have completed a college calculus course.

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The demand curve is given by P=100-Q and the supply curve by P=20+4Q. The competitive equilibrium Quantity is 1. Q=80 2. Q=44 3. Q=28 4. Q=20 5. Q=16
Solving for Equilibrium Quantity Demand Curve P=100-Q Supply Curve P=20+4Q Two equations in two unknowns. Supply curve crosses demand curve where 100-Q=20+4Q. This happens where 80=5Q or Q=16

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The demand curve is given by P=100-Q and the supply curve by P=20+4Q. The competitive equilibrium Price is 0% 0% 0% 0% 0% 1. P=84 2. P=80 3. P=64 4. P=24 5. P=20
Solve for Equilibrium Price We found that Q=16. We know from demand equation that P=100-Q. So P=84

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And on to our main lecture…
The price of a good rises and so does the quantity sold. These

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LecE2Monday - Clicker Check Question Have you taken a...

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