Activity – Market Equilibrium, Price, and Quantity

Review the following video:

  • https://www.youtube.com/watch?v=qTRNU_b4iww (5.47 Minutes)

After reviewing the video, attend the class and be prepared to explain:

  • How, mathematically, equilibrium quantity can be calculated, given the demand and supply functions for the firm.
  • How equilibrium price can be calculated.

Given equilibrium price and quantity, how changes in demand and or supply can bring about changes in equilibrium price and quantity.

 
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