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1-Suppose the supply of a good is given by the equation, P = 150 + (QS/5)...

1-Suppose the supply of a good is given by the equation, P = 150 + (QS/5) and the demand for the good is given by the equation, P = 1350 – QD. What is the equilibrium quantity?

Select one:

a. 500

b. 800

c. 1000

d. 1200

2-Suppose the supply of a good is given by the equation, P = 150 + (QS/5) and the demand for the good is given by the equation, P = 1350 – QD. What is the equilibrium price?

Select one:

a. 250

b. 350

c. 450

d. 550

business   economics   
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Answer #1

oods is aiven O Suppose the aupp% 8oods iz given b he equation .p 1sot as and the 5 e goods is aiven eg uation p.1350-ao.hlhat.s the equu Ctiven d atq p 1350-QD Demand bor the foods The Inverse demond bu nction h as 3s 0 -0 and he inuerse supplH curve we know hat equilibrium pitce and Nou q uonH is determined b intersecHon demons and SuppH bunc-ion. equilibrium quanti (Q IS the quantit which represent Qi- 5 5 Q tooo units, Hhis the equilibiiumin th e maik There^ore opHon c is comect 2 huhat is equilibrium piice Ans Put Q ס 1000 in the demand equation p ס $350,This is the equi librium price in e morket

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