Demand and supply relationships for fragles analysis
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The following equations describe the demand and supply relationships for fragles:
Qd = 189 -2.25P
Qs = 124 + 1.5P
a.) What is the equilibrium price and quantity?
b.) The Agriculture Department sets a minimum price of $25.00 a pound. Will there be a surplus or a shortage? What will be the quantity demanded and the quantity supplied at this new price?
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Solution Summary
The expert examines the demand and supply relationships for fragile analysis.
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Equilibrium:
Qs = Qd
189-2.25P = 124+1.5P
65=3.75P
P = ...
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