Supply: Q3P-30 Demand: Q-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. S. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9*.) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).
Supply: Q3P-30 Demand: Q-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. S. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9*.) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 3TY
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Transcribed Image Text:The demand and supply schedules for chewing gum are as follows:
Supply: Q= 3P-30
Demand: Q=-2P+ 220
Where Pis the price of gum, and Qis the quantity, in millions of packs.
5. What is the equilibrium price of gum?
(Please enter a whole number, with no decimal point).
6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the
answer is 9,000,000 packs, write "9".)
(Please enter a whole number, with no decimal point).
7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to
two-thirds of the amount shown in the above supply curve (1.e. at every price, 2/3 as much is
supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).
(Please enter a whole number, with no decimal point).
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