Let the demand for coal be Q = 100 - 10P + 20Y, where P is...

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Let the demand for coal be Q = 100 - 10P + 20Y, where P is...

Let the demand for coal be Q = 100 - 10P + 20Y, where P is the price of coal and Y is income. Let the supply of coal be Q = 5P + 1G, where G is the price of natural gas from coalbed methane. Let G = 5 and Y = 20. What is the equilibrium price and quantity of coal?

P = $30, Q = 200

P = $33, Q = 165

P = $35, Q = 150

P = $40, Q = 100

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Answer 1

Answer #1

Demand of coal 8 = 100 10 p + 204 supply of a coal = Q = 5P+1G since of=5 & Y = 2 0 Demand => Q = => 100-10P+20120) - 500-10P

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