how to find the equilibrium price and quantity algebraically?
the demand and supply curves for chickens in Lapulapu ciy are given by this ff. equations: q=24,000-500p q=6,000+1,000p
where p is measured in pesos and q is the no. of chickens per year.
a. find the equilibrium price and quantity algebraically.
b. after a news report of a person in danao city becoming infected with the bird flu, which of the ff. might be the new demand curve?
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a) set the equations equal to each other and solve for p. Or graph and find the positive point in which the graphs meet.
b) where are the following?
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