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Demand for goods of an industry is given by the equation pq=100, where p is the price and q is quantity, supply is given by the equation 20 + 3p=q. What is the equilibrium price and quantity?
Demand for goods of an industry is given by the equation pq=100, where p is the price and q is quantity, supply is given by the equation 20 + 3p=q. What is the equilibrium price and quantity?
Solution
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More In
The Recording Process
Corporations: Organization and Capital Stock Transactions
Permutations and Combinations
The Financial Statement of a Bank
Probability I: Introductory Ideas
Logarithms
Accounting for Merchandising Operations
Probability Distributions
Accounting Information Systems
Long-Term Liabilities
Accounting for Partnerships
Accounting for Receivables
Investments
Testing Hypotheses: One Sample Tests
Chi-Square and Analysis of Variance
Adjusting the Accounts
Budgetary Control and Responsibility Accounting
Grouping and displaying data to convey meaning: Tables and Graphs
Budgetary Planning
Measures of Central Tendency and Dispersion in Frequency Distributions
Fraud, Internal Control, and Cash
Process Costing
Equations
Inventories
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