WyzAnt.comConsider the market for trucks. Assume that the demand for trucks is given by
60 2 5 D Q P Y where P is price per truck and Y is the income of the buyers. The
supply of trucks is given by 30 5 3 S Q P W where W is the price of all the materials
needed to produce a truck. Solve for the equilibrium price P* and equilibrium quantity
Q* of trucks bought and sold.
Comments
Sherwin,
Your notation, ie '60 2 5 D Q P Y ' , is not clear to me. Can you be more explicit in your notation on the supply and demand for the trucks please? BruceS
- BRUCE S. 2/14/2013