Correct Answer:
Equilibrium price = $100
Equilibrium quantity = 50 units
Working note:
At equilibrium,
Demand = supply
-2Q+200 = Q+50
Q = 150/3 = 50
P = 50+50 = 100
Based on the equations below, calculate the equilibrium price and quantity. (You only need to give...
Solve the following equations for equilibrium price and quantity. Also show the equilibrium price and quantity by using diagrams for the given demand and supply equations (assume different values for price and calculate the quantity demand and supply). QD = 20 - 2P and QS = -10 + 2P What is the equilibrium price and quantity? Calculate the Price Elasticity of Demand and Supply over a range (use the mid-point formula).
This problem involves solving demand and supply equations to determine equilibrium Price and Quantity and then illustrating them graphically.Consider a demand curve of the form : QD= -3P + 45 where QD is the quantity demanded and P is the price of the good.The supply curve for the same good is: QS= P-5 where QS is the quantity supplied at price, P. Solve for equilibrium Price (P*) and Quantity (Q*). Please set up the problem and underline your answers below....
2. Demand and supply equations for Good X is given as: Demand: P=6 - (1/50) Q and Supply: P= 1 + (1/100) Q [P: Price, Q: Quantity] i. Given the above information find the equilibrium price and quantity for Good X. ii. What is the point elasticity of demand at equilibrium? Is it elastic, inelastic or unitary elastic? iii. What is the point elasticity of supply at equilibrium? Is it elastic, inelastic or unitary elastic? iv. If the price increases...
The demand and supply functions of a goods are given by:p=-4QD+120p=1/2QS+28where P, QD, and QS denote the price, quantity demanded and quantity supplied respectively. Find the equilibrium price and quantity.
Evens only Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is 50 units, and the quantity demanded is 100 units. For every $ 1 rise in price, the quantity supplied rises by 5 units and the quantity demanded falls by 5 units What is the equilibrium price and quantity? 4. In the following figure, can the movement from point 1 to point 2 be explained by a combination of an increase in the price of...
Q=100,000-10,000P solve for the consumer surplus at the equilibrium price and quantity Demand: Let the Market Demand curve for soybeans be given by the following equation: Q=100,000 -10,000P where the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q=-5,000+ 5,000P 3) Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium price....
Find the equilibrium price and quantity given the following equations and graph this situation. Qs = 10 + 2P Qd = 30 – 12P Also, illustrate what happens above equilibrium and below the equilibrium The drought in the plains states has made grain, and therefore feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. What will be the immediate effect of this event on the equilibrium price and quantity...
The supply and demand equations for price are given respectively: y=70+2x y=125-3x Find the equilibrium quantity and the equilibrium price.
Only need question 3a,3b,3c,3d answers please. (2)The following equations describe the market for commodity X. Q(p) = 10 + 3P ........................ (1) Q(p) = 15-2P ........ (a)Which of the two equations is the demand equation and which is the supply equation? Explain. (b)Find the equilibrium price and the equilibrium quantity transacted in this market. (C)Find the price elasticity of demand at equilibrium and comment on how the firm could use this information if it considers a price adjustment that seeks...
The quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded each month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $76 or higher. At a unit price of $96, they are willing to market 2250 units. Both the supply and demand equations are known to be linear. (a) Find the demand equation. p = -0.04x + 145 (b)...