PRICE (P) Quantity Demanded by Consumers(bottles/month)
The equations representing demand, inverse demand, supply and inverse supply are as follows:
Demand: Qd = - 100P + 1,150
Inverse Demand: P = - 0.01 Qd + 11.5
Supply: Qs = 400 P - 100
Inverse Supply: P = 0.0025 Qs + .25
Using this information, determine the equilibrium price and quantity for bottled water in this market. Explain what will happen in the market if price equals $4.00. What will happen if price equals $2.00?
This question was asked on Dec 31, 2012.
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