Asked by
Jean Rose Tamparong
on Oct 14, 2024
Verified
the demand function for Schrecklichs is 200 4PS 2PL and the demand function for LaMerdes is 200 3PL PS, where PS and PL are respectively the price of Schrecklichs and LaMerdes.If the world supply of Schrecklichs is 140 and the world supply of LaMerdes is 180, then the equilibrium price of Schrecklichs is
A) $15.
B) $14.
C) $2.
D) $16.
E) $28.
Equilibrium Price
The price at which the quantity of a good or service offered for sale matches the quantity being demanded, ensuing a state of balance in the market.
- Attain knowledge on the concept of market equilibrium and evaluate the equilibrium price.
- Familiarize yourself with the interaction between supply and demand mechanisms.
Verified Answer
SS
Learning Objectives
- Attain knowledge on the concept of market equilibrium and evaluate the equilibrium price.
- Familiarize yourself with the interaction between supply and demand mechanisms.
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