Question #299241

If the market demand decreases by 50% what will be the new clearing price and


quantity for this market?

Expert's answer

NCP=(1−50%100%)P=(1−0.5)P=0.5P,NCP=(1-\frac{50\%}{100\%})P=(1-0.5)P=0.5P,

Q=10.5=2.Q=\frac 1{0.5}=2.


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Canada #340153 on Dec 2023