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Homework Help: Microeconomics help!(2-9)

  1. Oct 9, 2011 #1
    Microeconomics help!(2-5)

    1. The problem statement, all variables and given/known data
    refer to table: question 3.png



    In a free-market economy, according to the rationing function of prices, the market price and quantity will adjust to:
    Answer


    a)$10 and 2,000 units.


    b)$15 and 1,600 units.


    c)$20 and 900 units.


    d)$25 and 1,200 units.



    2. Relevant equations



    3. The attempt at a solution

    I would just guess that it might be A because it produces the most units for the least price.
     
    Last edited: Oct 9, 2011
  2. jcsd
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