Suppose the market demand and supply curves are represented by the following equations: Qd = 100...
Suppose the market demand and supply curves are represented by the following equations:
Qd = 100 – 0.25P
Qs = 40 + 0.25P
PART A I already did:
a. Determine the equilibrium price and quantity.
(Show your calculations) [2 marks]
Price can be calculated
QD=QS
100- 0.25P = 40+ 0.25P
Rewritten as: 60 = 0.5
Price= 120
Quantity can be calculated:
QD = 100 – 0.25 (120) = 70
B) illustrate these curves on a graph, labelling these curves, intercepts and equilibrum price and quantity
How would I do this?
Homework Answers
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