Business, 19.03.2020 22:33, tk1264

Consider a market for apples. Demand and supply of apple are given as below. The demand for apple is: Q = 6 - P The supply of apple is: Q = 2P After calculating the equilibrium price and quantity using above equations Draw and Show them. 1) What is the equilibrium price of apples? (Using the two equations, solve for P) P= ……… 2) What is the equilibrium quantity of apples sold? Q=…….. 3) Draw both demand and supply curves together, and show the P* and Q* you found above, but now with graphs. Make sure to label vertical (or Y) axis as Price and horizontal (or X) axis as Quantity. (Verify if your drawings and intersection values show the same values for P* and Q* you found above).

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Consider a market for apples. Demand and supply of apple are given as below. The demand for apple is...