P is 60 and Q is 20 on the graph At what PRICE will Tom demand a quantity of 15?
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is with a graph; to do this, we must determine two points for each curve. 1. ... Demand choke price: QD = 0 = 152 – 20P → 20P = 152 → P= $7.6; Q =0 ... Page 15 ..... QS = 60 + 20P.
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