Question

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. What are the equilibrium price and quantity

	180 and 120
	30 and 280
	100 and 140
	None of the above

Question 14

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price ceiling of $120 is imposed in this market, which of the following is correct?

Question 14 options:

	The Quantity demanded is 120
	The quantity supplied is 30
	The shortage is 100
	The surplus is 130

Question 15

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price floor of $120 is imposed in this market, which of the following is correct?

Question 15 options:

The quantity supplied is 255

The quantity demanded is 60

The surplus is 195

All the above are correct

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. What are the equilibrium price and quantity?

Question 13 options:

	180 and 120
	30 and 280
	100 and 140
	None of the above

Question 14

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price ceiling of $120 is imposed in this market, which of the following is correct?

Question 14 options:

	The Quantity demanded is 120
	The quantity supplied is 30
	The shortage is 100
	The surplus is 130

Question 15

The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price floor of $120 is imposed in this market, which of the following is correct?

Question 15 options:

	The quantity supplied is 255
	The quantity demanded is 60
	The surplus is 195
	All the above are correct

Answer 1

13. Ans: 180 and 120

Explanation:

For equilibrium

Demand = Supply

360 - 3/2*Q = 100 + 2/3*Q

2/3*Q + 3/2*Q = 360 - 100

13/ 6 * Q = 260

Q = 260 / (13/6)

   = 260 * 6/13

   = 120

P = 360 - 3/2 * 120

   = $180

14. Ans: The quantity supplied is 30

Explanation:

If P = 120, quantity demanded is:

P = 360 - 3/2 *Q

120 = 360 - 3/2*Q

3/2*Q = 360 - 120

Q = 240 / (3/2)

= 240 * 2/3

= 160

Quality supplied is:

P = 100 + 2/3Q

120 = 100 + 2/3Q

2/3Q = 120 - 100

Q = 20 / (2/3)

= 20 * 3/2

= 30

15. Ans: None of the options are correct.