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(Advanced analysis) Answer the question on the basis of the following information.The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. Refer to the given information.The equilibrium price is:
A) $50.
B) $70.
C) $80.
D) $130.
Commodity X
A placeholder name used to denote a specific, but unspecified, item in economic models and discussions.
Demand Equation
A mathematical expression that illustrates the relationship between the quantity demanded of a good and its price, along with other factors influencing demand.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, creating a balance in the market.
- Comprehend the principles of demand and supply, including their influencing factors and their impact on equilibrium price and quantity.
- Assess the impacts of changes in demand and supply curves using graphical methods.
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Learning Objectives
- Comprehend the principles of demand and supply, including their influencing factors and their impact on equilibrium price and quantity.
- Assess the impacts of changes in demand and supply curves using graphical methods.
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