Question

Assume that the demand for a commodity is represented by the equation Qd = 300-50P and supply by the equation Qs= -100+150P where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using equilibrium condition Qd = Qs, solve the equation to determine equilibrium price and quantity.

Answer #1

Given that the demand function for a commodity is, Qd = 300 - 50P, and the supply function for a commodity is given by, QS = -100 + 150P.

To find the equilibrium quantity and equilibrium price we must equate the both equations as, Qd = Qs

By doing so we get, 300 -50P = -100 + 150P

300 + 100 = 150P + 50P

400 = 200P

P = 400 / 200 = $2//

Now we got the value of equilibrium price as $2. We substitute the value of P in either the Qs or Qd equations.

Qd = 300 - 50*(2)

= 300 - 100

= 200 //

Hence the equilibrium quantity is 200 and equilibrium price is $2.

Q4. Assume that demand for a commodity is represented
by the equation
P = 10 - 0.2Qd
and supply by the equation
P = 2 + 0.2Qs,
where Qd and Qs are quantity demanded and quantity supplied,
respectively ,and P is
price. Using the equilibrium condition Qs = Qd, solve the equations
to determine equilibrium
price and equilibrium quantity. Graph the two equations to
substantiate your answers. Answer
in the space below!

Assume that demand for a commodity is represented by the
equation P = 20 – 0.6 Q d, and supply by the equation P = 10 + 0.2
Qs where Qd and Q s are quantity demanded and quantity supplied,
respectively, and P is the Price. Use the equilibrium condition Qs
= Qd 1: Solve the equations to determine equilibrium price. 2: Now
determine equilibrium quantity. 3: Graph the two equations to
substantiate your answers and label these two graphs...

Assume that demand for a commodity is represented by the
equation P = 20 – 0.6 Q d, and supply by the equation P = 10 + 0.2
Qs where Qd and Q s are quantity demanded and quantity supplied,
respectively, and P is the Price. Use the equilibrium condition Qs
= Qd
1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3: Graph the two equations to substantiate your answers and
label these two graphs...

Assume that demand for a commodity is represented by the
equation P = 20 – 0.6 Q d, and supply by the equation P = 10 + 0.2
Qs where Qd and Q s are quantity demanded and quantity supplied,
respectively, and P is the Price. Use the equilibrium condition Qs
= Qd
1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3: Graph the two equations to substantiate your answers and
label these two graphs...

1: Assume that demand for a commodity is represented by the
equation P = 10 – 0.2 Q d, and supply by the equation P = 5+ 0.2 Qs
where Qd and Q s are quantity demanded and quantity supplied,
respectively, and P is the Price. Use the equilibrium condition Qs
= Qd 1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3: Graph the two equations to substantiate your answers and
label these two graphs...

Assume that demand for a commodity is represented by the
equation P = 20 – 0.6 Q d, and supply by the equation P = 10 + 0.2
Qs where Qd and Q s are quantity demanded and quantity supplied,
respectively, and P is the Price. Use the equilibrium condition Qs
= Qd
1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3. Make a Table of points and then graph the following
4. Graph Demand...

Assume that demand for a commodity is represented by
the equation P = 30 - 0.4Qd and supply by the equation P = 6 +
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respectively and P is price. The market will clear
at
A
P = 14 and Q = 40.
B
P = 40 and Q = 14.
C
P = 20 and Q = 6.
D
P = 6 and Q = 20.

Consider a market that can be represented by a linear demand
curve, QD = 200 – 2PD, (where QD is the quantity demanded and PD is
the price that demanders pay) and a linear supply curve that QS = ½
PS (where QS is the quantity supplied and PS is the price that
suppliers get).
a. What is the equilibrium price?
b. What is the equilibrium quantity?
c. What is demand elasticity at the equilibrium point?

8.2
In Smalltown, Pennsylvania, the demand function for men's
haircuts is Qd=500−30p+0.08Y, Qd=500−30p+0.08Y, where Qd
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men's haircuts is Qs=100+20p−20w, Qs=100+20p−20w, where Qs Qs is
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If Y=$5,000
Y=$5,000 and w=$10,
w=$10, use Excel to calculate quantity demanded and
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p=$5, $10, $15,...

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