Multiple Choice
The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by . Find the equilibrium price of the commodity.
(Hint: It's given by .Also, use the fact that
.)
A) The equilibrium price of the commodity is $7.
B) The equilibrium price of the commodity is $12.
C) The equilibrium price of the commodity is $9.
D) The equilibrium price of the commodity is $4.
Correct Answer:

Verified
Correct Answer:
Verified
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