Let one week's supply (S) and demand (D) functions for gasoline be given by p Upper...
Let one week's supply (S) and demand (D) functions for gasoline be given by p Upper D (q) equals 300 minus four-fifths q and p equals S(q) equals two-fifths q, where p is the price in dollars and q is the number of 42-gallon barrels. (A) On what interval is the quantity supplied below the equilibrium quantity?
Homework Answers
| Demand (D) | = | 300 - 4/5 q |
| Supply (S) | = | 2/5 q |
| Where, q = Equilibrium quantity | ||
| At Equilibrium point, Demand (D) = Supply (S) | ||
| Demand (D) | = | Supply (S) |
| 300 - 4/5 q | = | 2/5 q |
| 300 | = | 4/5 q + 2/5 q |
| 300 | = | 6/5 q |
| q | = | (300*5) / 6 |
| q | = | 250 |
| Therefore, at quantity of 250 barrels. | ||
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