Instructor: Solve the following problems and show your solution Given (a) a cons

Question

Instructor: Solve the following problems and show your solution Given (a) a constant parameter at 0.00085 for both demand and supply equations, the slope for the demand function is 0.00035 and 000025 for the supply function. Compute the market price and equilibrium quantity. Determine the slope of the demand function if the price (p) is 0.00067 (Php) and quantity (Q) is 3.75% units. Assuming two linear functions such as -3 2/4 - 633% and 0 06275 + -2 3/5 p, solve for the equilibrium price and quantity. Based on equation no. 3, calculate the average market price and quantity.

Explanation / Answer

0.00085-0.00035Q=0.00085 + 0.00025Q Q=0, the demand and supply cannot cross. .

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