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Consider a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q. If the market is in equilibrium,
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Consider a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q. If the market is in equilibrium,
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Sep 23, 2017
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Consider a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q. If the market is in equilibrium,
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Nokazn
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then they are equal to each other
set them eual to eachother
20+0.1Q=80-0.3Q
addd0.3Q to both sides
20+0.4Q=80
subtract 20
0.4Q=60
divide by 0.4
Q=150
subsiut to find P
20+0.1Q=P
20+0.1(150)=P
20+15=P
35=P
P=35
Q=150
Jesse Kinsman
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Sep 28, 2017
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