The effect of change in t on the equilibrium price

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Reference no: EM131240551

The demand function for a good is Qd= a - bp

the supply function is Qs= c + ep + ft

where a, b , c, e and f are positive constants and t is the average temperature in month. show how the equilibrium quantity and price vary with temperature.

The effect of a change in t on the equilibrium price (p) is dp/dt = ?

Reference no: EM131240551

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