The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by . Find the equilibrium price of the commodity.
(Hint: It's given by . Also, use the fact that .)
A) The equilibrium price of the commodity is $7.
B) The equilibrium price of the commodity is $12.
C) The equilibrium price of the commodity is $9.
D) The equilibrium price of the commodity is $4.

Question

The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by  . Find the equilibrium price of the commodity.
(Hint: It's given by  . Also, use the fact that  .)
A) The equilibrium price of the commodity is $7. 
B) The equilibrium price of the commodity is $12. 
C) The equilibrium price of the commodity is $9. 
D) The equilibrium price of the commodity is $4.

Quizplus · Accepted Answer

The Answer of The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by  . Find the equilibrium price of the commodity.
(Hint: It's given by  . Also, use the fact that  .)
A) The equilibrium price of the commodity is $7. 
B) The equilibrium price of the commodity is $12. 
C) The equilibrium price of the commodity is $9. 
D) The equilibrium price of the commodity is $4.

The Price of a Certain Commodity in Dollars Per Unit