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The Market for Gravel Has Been Estimated to Have These

Question 54

Essay

The market for gravel has been estimated to have these supply and demand relationships:
Supply P = 10 + 0.01Q
Demand P = 100 - 0.01Q,
where P represents price per unit in dollars, and Q represents sales per week in tons. Determine the equilibrium price and sales. Determine the amount of shortage or surplus that would develop at The market for gravel has been estimated to have these supply and demand relationships: Supply P = 10 + 0.01Q Demand P = 100 - 0.01Q, where P represents price per unit in dollars, and Q represents sales per week in tons. Determine the equilibrium price and sales. Determine the amount of shortage or surplus that would develop at

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The equilibrium price can be found by eq...

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