Short Answer Questions
Example: “If the demand for boxes of cereal is given by P = 100 – 0.1Qd, and the supply is given by P = 20 + 0.1Qs, what is the market equilibrium price and quantity?” Answer: “Q* = 400, P* = 60.” Graphing questions. For these questions, you need to respond with a simple graph. Make sure you clearly label your axes and curves. Unless the question specifically asks for an explanation ... ................
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