Question

In the market for cameras, there are two types of suppliers: There are 40 type 1 suppliers (more efficient), and each one of the type 1 suppliers has the individual supply function: p = 8q_1.

Answer 1

The subject of this question is Economics, specifically the principles of supply and demand. With the given functions for the demand and supply of cameras in Thailand and Japan, we can determine the equilibrium price and quantity of cameras in each country.

Step-by-step explanation:

The subject of this question is Economics, specifically the principles of supply and demand.

With the given functions for the demand and supply of cameras in Thailand and Japan, we can determine the equilibrium price and quantity of cameras in each country.

An equilibrium occurs when the quantity demanded equals the quantity supplied, so we can set the demand function equal to the supply function and solve for the price and quantity.