ZuoTi.Pro
Question

Say the demand equation is given as: Qd = -Price +2 The supply equation is Qs...

Say the demand equation is given as: Qd = -Price +2 The supply equation is Qs = 2Price. The equilibrium price is

a. 3/2

b. 2

c. 3

d. 2/3

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Equllibrium price will be known

Qd = Qs

2-P = 2P

2 = 3P

P = 2/3

Equilibrium price = 2/3

0 0
Add a comment
Know the answer?
Add Answer to:
Say the demand equation is given as: Qd = -Price +2 The supply equation is Qs...
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. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The demand equation is given as Qd = Price + 2. The supply equation is Qs...

    The demand equation is given as Qd = Price + 2. The supply equation is Qs = 2Price. The problem is to determine the Equilibrium price. I know the correct answe is 2/3 but I do not know how to get to that answer. Please show me how to solve the problem to get to the answer of 2/3.

  • 3) Demand is given by QD = 1600 - 6P, and supply is given by Qs...

    3) Demand is given by QD = 1600 - 6P, and supply is given by Qs = 14P. A) Find the equilibrium price and quantity. (2 points) B) Compute the price elasticity of demand and the price elasticity of supply at the equilibrium. (4 points)

  • 2. Assume demand is given by Qd= 250-2P and supply is given by Qs= -25 +...

    2. Assume demand is given by Qd= 250-2P and supply is given by Qs= -25 + 3.5P. A. Sketch the market indicating the reservation price and minimum selling price. B. Determine the equilibrium price and quantity and show this on your graph. C. Now assume the government levies a $5 excise tax on the buyer. Determine the new demand equation and the new price paid by the buyer including the tax. Show this on your graph in part A. D....

  • Question 6A Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P...

    Question 6A Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit sold is imposed, (a) Considering that the government will earn revenue, overall, do you think that society benefits from such a move? Explain. Yes or No? Buyer Price? Seller Price? Quantity traded? Question 6b Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit...

  • Question 6A Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P...

    Question 6A Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit sold is imposed, (a) Considering that the government will earn revenue, overall, do you think that society benefits from such a move Yes or no and why? Explain also effect on Buyer Price? Effect on Seller Price? Effects on Quantity traded? Question 6b Given the following information: Demand: Qd = 200 – 5P Supply: Qs =...

  • 1-Suppose the supply of a good is given by the equation, P = 150 + (QS/5)...

    1-Suppose the supply of a good is given by the equation, P = 150 + (QS/5) and the demand for the good is given by the equation, P = 1350 – QD. What is the equilibrium quantity? Select one: a. 500 b. 800 c. 1000 d. 1200 2-Suppose the supply of a good is given by the equation, P = 150 + (QS/5) and the demand for the good is given by the equation, P = 1350 – QD. What...

  • Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a...

    Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit sold is imposed, Calculate: (ii) Seller's price after tax Question 6e Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit sold is imposed, Calculate: (e) Quantity after tax Question 6f Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If...

  • Que.1 Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If...

    Que.1 Given the following information: Demand: Qd = 200 – 5P Supply: Qs = 5P If a quantity tax of $2 per unit sold is imposed, (a) Considering that the government will earn revenue, overall, do you think that society benefits from such a move? Explain. choose one from each. a)yes or no > remain unchanged >decrease >yes >Increase >no b) Buyer Price >Remain unchanged >decrease >Yes >Increase >no c) Seller Price >remain unchanged >Decrease >Yes >Increase >No d)Quantity Traded...

  • 5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD...

    5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD and Qs are the quantities and P is the price. a) Graph the demand curve and supply curve. [Hint: label each axis, the price and quantity b) Calculate the equilibrium price and quantity; add these values to the graph and label them as c) Suppose demand decreases by 1 unit at each price. What is the new demand function? Add the d) Calculate the...

  • 3. (An application to Economics: Demand, Supply and Price) Let Qd, Qs and P be the quantity deman...

    3. (An application to Economics: Demand, Supply and Price) Let Qd, Qs and P be the quantity demanded, quantity supplied and price, respectively, of a certain 1 commodity. We assume that: Qs = c1 + w1P + u1P' + v1P'' Qd = c2 + w2P + u2P'' + v2P'' where the primes denote derivatives with respect to t, time. Now let c = c1 − c2; u = u1 − u2; v = v1 − v2; w = w1 −...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT