xoAmber3100 xoAmber3100

29-05-2024
Business

Answered

Suppose the following are the demand and supply equations in an olive oil market where P is price per 750 ml bottle and Q is bottles per year

Qd = 100,000 - 2,000P and Qs = -20,000 + 4,000P

Now suppose government imposes a $10 per bottle price ceiling in this market to make the olive oil more affordable to consumers. How many bottles of olive oil will be sold per year after the price ceiling

Answer :

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