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