Consider the following model of a market for hats in which Qs is quantity of hats produced, Qd is quantity of hats purchased and P is the price of a hat. Qs=5+12P Qd=50-3P if the price, P is set so that Q*=Qs=Qd what is Q*? a. 15 b. 41 c. 11 d. 45
Consider the following model of a market for hats in which Qs is quantity of hats produced, Qd is quantity of hats purchased and P is the price of a hat. Qs=5+12P Qd=50-3P if the price, P is set so that Q*=Qs=Qd what is Q*? a. 15 b. 41 c. 11 d. 45
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter1: Fundamental Concepts Of Algebra
Section1.1: Real Numbers
Problem 11E
Related questions
Question
Consider the following model of a market for hats in which Qs is quantity of hats produced, Qd is quantity of hats purchased and P is the price of a hat.
Qs=5+12P
Qd=50-3P
if the price, P is set so that Q*=Qs=Qd what is Q*?
a. 15
b. 41
c. 11
d. 45
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