Consider a demand and supply scenario for 3-D glasses. An independent contracting firm was so kind and estimated the supply curve as a function of the quantity x as s(x)=.06x2 + 1.8 x + 60 and the demand as d(x)= -.075 x2 – 1.5x +180. a) Solve for the equilibrium quantity and price. What condition has to hold in an equilibrium? For full credit you must show ALL steps of your algebra. b) Graph the supply and demand curve. Clearly mark the proper price and quantity intercept. Show how you calculated the intercepts.

Consider a demand and supply scenario for 3-D glasses. An independent contracting firm was so kind and estimated the supply curve as a function of the quantity x as s(x)=.06x2 + 1.8 x + 60 and the demand as d(x)= -.075 x2 – 1.5x +180. a) Solve for the equilibrium quantity and price. What condition has to hold in an equilibrium? For full credit you must show ALL steps of your algebra. b) Graph the supply and demand curve. Clearly mark the proper price and quantity intercept. Show how you calculated the intercepts.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.14P

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