Question

suppose the demand and supply curves for units of university credits are given by the following...

suppose the demand and supply curves for units of university credits are given by the following equations Qd= 5400-2P Qs= 3P-400 what is the free market equilibrium price and quantity

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Given Data: ,

For, Free market equilibrium price and quantity,

  • Condition - 1:

Now, For equilibrium quantity: Put value of P in equation of Qd and Qs.

So, here free market equilibrium quantity Qd = Qs = Q = 3080 & equilibrium price P = 1160

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that a market is described by the following supply and demand equations: QS = 2P...
Suppose that a market is described by the following supply and demand equations: QS = 2P QD = 400 - 3P Solve for the equilibrium price and the equilibrium quantity. Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 400 – 3(P+T) Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold? Tax revenue is T x Q. Use...
Suppose the market for corn is given by the following equations for supply and demand:            ...
Suppose the market for corn is given by the following equations for supply and demand:             QS = 2p − 2             QD = 13 − p where Q is the quantity in millions of bushels per year and p is the price. Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium quantity and price. Calculate the price-elasticity of demand and supply at the equilibrium price/quantity. The government judges the market...
1. The market demand and supply was given as follow: Qd = 10 – 2P Qs...
1. The market demand and supply was given as follow: Qd = 10 – 2P Qs = -5 + 3P a) Compute for the Price equilibrium b) Compute for the Quantity equilibrium c) Plot/graph the following equation. 2. Given the equation, find the equilibrium price and quantity of the following market and plot the equation. 13P – Qs = 27 Qd + 4P – 24 = 0
A market is described by the following supply and demand curves: QS = 2P QD =...
A market is described by the following supply and demand curves: QS = 2P QD = 400 - 3P Solve for the equilibrium price and quantity. If the government imposes a price ceiling of $70, does a shortage or surplus (or neither) develop? What are the price, quantity supplied, quantity demanded, and size of the shortage or surplus? If the government imposes a price floor of $70, does a shortage or surplus (or neither) develop? What are the price, quantity...
The corn market is perfectly competitive, and the market supply and demand curves are given by...
The corn market is perfectly competitive, and the market supply and demand curves are given by the following equation: Qd =50,000,000 – 2,000,000 p Qs = 10,000,000 +5,500,000 p Where Qd and Qs are quantity demanded and quantity supplied measured in bushels, and P= price per bushel. 1) Determine consumer surplus at the equilibrium price and quantity.
Suppose that a market is described by the following supply and demand equations: QS = 2P...
Suppose that a market is described by the following supply and demand equations: QS = 2P QD = 400 - 3P Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 400 – 3(P+T) Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold? Tax revenue is T x Q. Use your answer from part (b) to solve for tax...
Suppose the demand and supply curves for pizza is given by: Qd =500 - 40P and...
Suppose the demand and supply curves for pizza is given by: Qd =500 - 40P and the market supply for pizza is given by: Qs = 20P – 100 where P= price (per pizza). In equilibrium, how many pizzas would be sold and at what price? Determine the quantity demanded and quantity supplied if the pizza price is set at $8.00. Explain the market adjustment process. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a...
Show the work: Suppose the market demand and supply curves are given by Qd = 20...
Show the work: Suppose the market demand and supply curves are given by Qd = 20 – 3P and Qs = P, respectively. Suppose the government imposes a price ceiling of $2: Calculate the magnitude of the resulting shortage. Calculate the resulting full economic price. That is, the maximum price consumers are willing to pay to avoid waiting in line.
Consider the following supply and demand curves for tickets to Oakland A’s games, where Q is...
Consider the following supply and demand curves for tickets to Oakland A’s games, where Q is measured in hundreds of tickets per game. Qd =100–2P Qs =20+3P 1. What would happen if bay area residents increase their preferences for A’s games? Illustrate the effect on the market graphically, and discuss how you would expect equilibrium quantity and price to change. 2. What would happen if the price for San Francisco Giants tickets increased? Illustrate graphically, and discuss how you would...
Suppose the domestic supply (QSUS) and demand (QDUS) for bicycles in the United States are given...
Suppose the domestic supply (QSUS) and demand (QDUS) for bicycles in the United States are given by the following set of equations: QSUS = 2P QDUS = 200 – 2P Demand (QD) and supply (QS) in the rest of the world are given by the equations: QS = P QD =160 – P Quantities are measured in thousands and price in U.S. dollars. After the opening of free trade with the rest of the world, if the world price of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT