Question

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 as D1 and S1. 4:
Furthermore; using demand and supply show what happen to
equilibrium price and quantity if eating this product causes
cardiac problem.

Answer #1

Ans .) Finding inverse demand function:

Q_{d} = 33.33 - 1.67P

Finding inverse supply function:

Q_{s} = 5P - 50

In equilibrium,

Demand = Supply

33.33 - 1.67P = 5P - 50

83.33 = 6.67P

P = 83.33 ÷ 6.67

Equilibroun price = P = 12.49 = 12.5(approx)

Equilibrium quantity = Q_{s} = 5(12.5) - 50 = 12.5
units

Ans 3.) Below is the diagram illustrating equilibrium quantity and price.

Ans 4.) If earing this product causes cariac problem , then people become more aware of it and reduce their demand for this product leading to the decline in the equilibrium price and quantity.

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...

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...

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...

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!

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Assume that demand for a commodity is represented by
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A
P = 14 and Q = 40.
B
P = 40 and Q = 14.
C
P = 20 and Q = 6.
D
P = 6 and Q = 20.

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suppliers get).
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