1. Business
  2. Economics
  3. an ice cream market has the demand function as followsqd353pand160pand160isand160priceand160atand160dollarand160perand160unitand160qdand160isand160measuredand160inand160unitassuming...

Question: an ice cream market has the demand function as followsqd353pand160pand160isand160priceand160atand160dollarand160perand160unitand160qdand160isand160measuredand160inand160unitassuming...

Question details

An ice cream market has the demand function as follows:

QD=35-3P (P is price at $ per unit, QD is measured in unit)

Assuming the whole market only has one supplier. If the price of ice cream is $1, this company would be willing to supply 15 units. If the price goes up to $4, 30 units of ice cream will be offered into the market.

What is the equilibrium of the market?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution