Question

Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are...

Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given. ​Supply:p=120q  Demand: p= - q2 +16,000 The equilibrium quantity is q = ------------ at price p=​ $ -------------.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Supply:p=120q

Demand: p= - q2 +16,000

We know equilibrium get established when Demand equate Supply

So

120q = - q2 +16,000

= q2+120q-16000 =0

By using quadratic formula we got q=80

So

Equilibrium price=9600

Equilibrium quantity=80

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
Estimate the equilibrium price and quantity of the market whose demand and supply functions are pd...
Estimate the equilibrium price and quantity of the market whose demand and supply functions are pd = - (q + 4)^2 + 100 and ps = (q + 2)^2 respectively
Find the equilibrium price and equilibrium quantity from the following relations describes demand and supply conditions...
Find the equilibrium price and equilibrium quantity from the following relations describes demand and supply conditions in a given industry. QD = 80000 –20000P(Demand) QS = -20000 + 20000P(Supply) Where Q is quantity and P is price in dollars.
Find the market equilibrium point for the following demand and supply functions. Demand:        p = -4q +...
Find the market equilibrium point for the following demand and supply functions. Demand:        p = -4q + 310 Supply:          p = 6q + 1 p = ? 2nd question: A shoe store owner will buy 13 pairs of a certain shoe if the price is $73 per pair and 33 pairs if the price is $23. The supplier of the shoes is willing to provide 22 pairs if the price is $76 per pair but only 2 pairs if the price is...
1) The demand and supply functions for a certain product are given by p = 150...
1) The demand and supply functions for a certain product are given by p = 150 − 0.5 q and p = 0.002 q^ 2 + 1.5 where p is in dollars and q is the number of items. a) Which is the demand function? Why do you know? b) Find the equilibrium price and quantity. c) Find the total gains from trade at the equilibrium price.
Consider the following general demand and supply functions for a given commodity. Qd=a-bp Qd=-c+dp a. Find...
Consider the following general demand and supply functions for a given commodity. Qd=a-bp Qd=-c+dp a. Find the equilibrium price and quantity [4 Marks] b. Suppose that a fixed tax t is imposed on the product in question, what is the new equilibrium price and quantity. [6 Marks] d. Express the value of t in terms of a, b, c, d, and p. [3 Marks] e. Use iii. Above to write the expression for government revenue. [2 Marks] f. Suppose that...
Assume that demand for a commodity is represented by the equation P = 10 - 0.2Q...
Assume that demand for a commodity is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Find equilibrium price and quantity (algebraically). Then graph the supply and demand lines, plot equilibrium point and label axes, equilibrium P* and Q*, vertical and horizontal intercepts for demand curve, and vertical intercept for the supply curve.
Suppose the demand and supply for a product is given by the following equations: p=d(q)=−0.8q+150 (Demand)...
Suppose the demand and supply for a product is given by the following equations: p=d(q)=−0.8q+150 (Demand) p=s(q)=5.2q (Supply) For both functions, q is the quantity and p is the price. Find the equilibrium point. (Equilibrium price and equilibrium quantity) (1.5 Marks) Compute the consumer surplus. (1.5 Marks) Compute the producer surplus. (1.5 Marks)
Suppose that the demand curve for a particular commodity is P=17-2D, where D is the quantity...
Suppose that the demand curve for a particular commodity is P=17-2D, where D is the quantity demanded and P is the price. The supply curve for the commodity is P=2+S, where S is quantity supplied. (1)Find the equilibrium price and output. Suppose now that a unit tax of 3 dollars is imposed on the commodity. (2) Show the new equilibrium is the same regardless of whether the tax is imposed on producers or buyers of the commodity. (3) Calculate the...
The market for a product has inverse demand and supply functions given by p = 290...
The market for a product has inverse demand and supply functions given by p = 290 - 2Qd and p = 10 + 1.5Qs In what form are these functions in? (2pts) Find the market equilibrium quantity Q* and price P*. (5pts) Draw out a simple graph with these curves. Label the p-intercept for each and indicate the equilibrium points. (5pts) Find the consumer and producer surpluses, along with the total surplus.(10pts) (i) Would this market be considered efficient? (2pts)
The general demand and supply functions given below describe the market for coffee. Demand and Supply...
The general demand and supply functions given below describe the market for coffee. Demand and Supply are both functions of coffee's own price, P. Supply is also a function of the price of an input, coffee beans, Pb. Qd=D(P) Qs=S(P,Pb) a.) Use comparative statics to predict how the equilibrium price P*, changes when Pb increases. Start with the equilibrium condition, incorporating the fact that the equilibrium price, P*, is a function of Pb so that D(P*(Pb))=S(P*(Pb),Pb). Put a sign on...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT