Consider the market for apple juice. In this market, the supply curve is given by Q S = 100 P J – 20

Consider the market for apple juice. In this market, the supply curve is given by QS = 100PJ −20PA and the demand curve is given by QD = 1000−150PJ +100PT, where J denotes apple juice, A denotes apples, and T denotes tea. Assume that PA is fixed at 5 and PT = 4. Calculate the equilibrium price and quantity in the apple juice market (5 marks);

 

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