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This question was created from CHAPTER03-9


(Advanced analysis) Answer the question on the
basis of the following information. The demand
for commodity X is represented by the equation
P = 10 - 0.2Q and supply by the equation P = 2
+ 0.2Q.
Refer to the given information. The equilibrium
price for X is:
A. $2
B. $4.
C. $6.
D. $7.

Top Answer

Ans: C) $6 Equilibrium when Demand for X = Supply for X. after... View the full answer


A market is in equilibrium when demand for commodity x
equal to quantity supplied isof X
To find equibrain price and quantity equate
demand agn and supply egn.
given . P = 10 - 0.2Q
Tomand egn.
P =...

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