Question

1.A firms Supply and Demand equations are as follows: Supply: P = 2Q - 70 Demand: P = -2Q + 130 Calculate the X and Y intercept of Demand. Select one: a. P = $130, Qd = 65 b. P = $65, Qd = 130 c. P = $70, Qd = 35 d. P = -$70, Qd = 35 e. None of the above

2.

Calculate the X and Y intercept of Supply.

Select one:

a. P = $70, Qs = 35

b. P = -$70, Qs = 35

c. P = $130, Qs = 65

d. P = $65, Qs = 130

e. None of the above

3.

Calculate the equilibrium price and quantity

Select one:

a. P = $100, Q = 15

b. P = $15, Q = 100

c. P = $30, Q = 50

d. P = $50, Q = 30

e. None of the above

Answer 1

See images for answers