Suppose the domestic supply and demand curves for MP3 players in the United States are given...
Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:
QS = 25 + 10P
QD = 925 – 5P
In the absence of international trade in MP3 players, how many MP3 players will be sold in the United States?
Homework Answers
Answer
the equilibrium is at Qd=Qs in the case of absence of trade
equating both equations
25+10P=925-5P
15P=900
P=60
Q=25+10*60
Q=625
number of MP3 players will be sold in the United States is 625
units
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