Given a demand function Qd=60 – 10P and a supply function Qs = 10P, find the equilibrium quantity and price. Answers are in numbers. A. Q= 20; P = 2 В. Q3 30;B Р %3D3 С. Q%3D 20; Р%3D 3 D. Q= 30; P = 2
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- Suppose demand and supply are given by Qd = 40 − P and Qs = 1.0P − 10.a. What are the equilibrium quantity and price in this market?Equilibrium quantity: Equilibrium price: $You are given a demand equation and a supply equation. Find the equilibrium point. (Enter your answers as a comma-separated list.) Demand: p = -0.56x + 30.11, supply: p = 0.27x + 6.87 (x, p) =Q1. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=806−10p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−4+8p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the total revenue at equilibrium? Please round your answer to the nearest integer.
- Q2. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=1307−11p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−4+8p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.What is the unmet demand at equilibrium? Please round your answer to the nearest integer.Suppose the supply and demand equation are given as follow: Demand: Qd=150-3*p Supply: Qs=18+3*p What's the equilibrium price?Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.
- Why does equilibrium in a market tend to be stable? a. It doesn’t. Observed stability is largely the result of custom, but markets are inherently chaotic. b. Almost all markets are de facto monopolies. Monopolists rarely change prices so as not to alert consumers to the possibility of buying goods more cheaply. c. Government regulations ensure that prices can only change slowly, so that an equilibrium price appears stable in the short run. d. When the price deviates from the equilibrium price, surpluses or shortages occur. As market participants act to be better off, they drive the market back to equilibrium.The demand for pocket calculators is given by the function: P = 6 - 0.5Qd; and the supply is given by the function: 6 = Qs - P; where = Qd = quantity demanded, Qs= quantity supplied and P = price. Calculate the demand and supply for calculators if the market price is $15 per barrel. What problem exists in the economy? What would you expect to happen to price?Assume that you are able to determine that the equilibrium price for a good will definitely decrease, and the equilibrium quantity will definitely increase. Which of the following MUST have occurred for you to be able to make these conclusions?a. Demand decreased and supply decreasedb. Demand increased.c. Demand decreased and supply increased.d. Demand increased and supply decreased.e. Supply increased. When demand and supply both change in the same direction (for example, they both decrease), the change in the equilibrium quantity can be predicted with certainty.a. Trueb. False Consider the market for wood flooring. The economic downturn has caused many firms selling wood flooring to go out of business. At the same time, consumers are expressing a preference for wood flooring over alternatives like carpet and tile. Based on this information, what would you expect to happen to the price of wood flooring?a. The price will definitely stay the same.b. More information is needed to…
- Directions: To explain the law of demand and supply, make a demand-supply schedule. Assume a demand and supply function as follows: (Demand) P=40-2Qd (Supply) P=15+4QsUse the following demand and supply functions to answer the following question. a) Demand: Qd=600 - 30P Supply: Qs= -300 + 120P If the price is currently 4 there is a b) Demand: Qd=600 - 30P Supply: Qs= -300 + 120P If the price is currently 8 there is aQ1. Suppose the demand curve for pizza in the café is given by Q=300 - 20P- 20P1, where P1 is the price of soda. The supply curve is Q=10P - 10. a) If the price of soda is P1= 5. Find the equilibrium price and quantity of pizza. b) Due to a price change of soda, the market equilibrium price per slice of pizza changes to P*=5. What must be the price of soda now? c)Calculate the cross-price (soda) elasticity of demand (pizza) at the equilibrium point in b), and determine whether pizza and soda are substitute or complement in this example?
