Homework Answers
7)
New Qs = 2 x (24 + 12P) = 48 + 24 P
New Qd = 120 - 4P + 40 = 160 - 4P
At equilibrium Qs = Qd:
48 + 24P = 160 - 4P
P = $ 4
Q = 144
8)
Qs = 200000 + 4P
Qd = 0.8 x (900000 - 10P) = 720000 - 8P
Setting Qd = Qs
200000 + 4P = 720000 - 8P
12P = 520000
P = $ 43333
Q = 373333
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