Supply and demand conditions in this competitive service market in New York are:
QS = 2P â?" 20 (Supply)
QD = 80 - 2P (Demand)
Where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.
A. Algebraically determine the market equilibrium price and output combination
B. Use a graph to confirm your answer.
For the graph, use price (P) values of 10, 20, 30, 40, and 50 to determine quantities demanded and quantities supplied© BrainMass Inc. brainmass.com October 10, 2019, 1:21 am ad1c9bdddf
Monopoly and monopolistic competition are examined for a competitive service marketing in New York.