Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the equilibrium price and quantity in this market.
Note
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. Compute the equilibrium price and quantity in this market.ans:$6 and 2 units, respectively.