Question

# Find the equilibrium price and quantity given the following equations and graph this situation. Qs =...

1. Find the equilibrium price and quantity given the following equations and graph this situation.

Qs = 10 + 2P

Qd = 30 – 12P

Also, illustrate what happens above equilibrium and below the equilibrium

1. The drought in the plains states has made grain, and therefore feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. What will be the immediate effect of this event on the equilibrium price and quantity of beef? Illustrate using a supply and demand diagram and explain how the price and quantity of beef are affected.

#### Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
• ### Solve the following equations for equilibrium price and quantity. Also show the equilibrium price and quantity...

Solve the following equations for equilibrium price and quantity. Also show the equilibrium price and quantity by using diagrams for the given demand and supply equations (assume different values for price and calculate the quantity demand and supply). QD = 20 - 2P        and QS = -10 + 2P What is the equilibrium price and quantity? Calculate the Price Elasticity of Demand and Supply over a range (use the mid-point formula).

• ### Qd = 600 – P Qs = 2P a. Calculate equilibrium price and quantity b. Determine...

Qd = 600 – P Qs = 2P a. Calculate equilibrium price and quantity b. Determine the value for consumer surplus at equilibrium c. Determine the value for producer surplus at equilibrium d. At what range of prices could a binding price ceiling be enforced?

• ### Qd =8 - P. Qs = 2P + 2. What is the equilibrium price and quantity?...

Qd =8 - P. Qs = 2P + 2. What is the equilibrium price and quantity? a. P* = 2, Q* = 6 b. P* = 2, Q* = 4 c. P* = 3, Q* = 6 d. P* = 4, Q* = 8

• ### Find the equilibrium price and quantity with QD = 90 -15P and QS =-35 + 10P....

Find the equilibrium price and quantity with QD = 90 -15P and QS =-35 + 10P. Increase the demand function in problem 1 by 20 and calculate the new equilibrium price and quantity. Note that the new demand curve should show that the QD is 20 units greater at every price, not just the just the problem equilibrium quantity. Add 20 to the demand equation.

• ### 1. Find the equilibrium price and quantity with QD = 90 -15P and QS =-10 +...

1. Find the equilibrium price and quantity with QD = 90 -15P and QS =-10 + 10P 2. Increase the demand function in problem 1 by 50 and calculate the new equilibrium price and quantity. (10 points) Note that the new demand curve should show that the QD is 18 units greater at every price, not just the just the problem equilibrium quantity. Add 18 to the demand equation.

• ### This problem involves solving demand and supply equations todetermine equilibrium Price and Quantity and then...

This problem involves solving demand and supply equations to determine equilibrium Price and Quantity and then illustrating them graphically.Consider a demand curve of the form : QD= -3P + 45 where QD is the quantity demanded and P is the price of the good.The supply curve for the same good is: QS= P-5 where QS is the quantity supplied at price, P. Solve for equilibrium Price (P*) and Quantity (Q*). Please set up the problem and underline your answers below....

• ### Use the following two equations for the demand and supply curves to compute the equilibrium price...

Use the following two equations for the demand and supply curves to compute the equilibrium price value. Demand curve: Qd=3300-2P Supply curve: Qs=500+8P . What is the value of the equilibrium price? What is the equilibrium quantity?

• ### The market demand and supply is described by the following equations QD = 250 - 2P QS 3P 1) Find the market equilibrium...

The market demand and supply is described by the following equations QD = 250 - 2P QS 3P 1) Find the market equilibrium. 2) What is the CS, PS, and W in this market? 3) Assume that the government introduces a equilibrium? price ceiling of p = 15. What is the new 4) Find the change in CS, PS, and W. Is there Dead Weight Loss? if so, of how much? 5) What does this tell you about the welfare...

• ### Given the following market equations: Supply: Qs 0+2p Demand: Qd 86 2p Solve for the equilibrium...

Given the following market equations: Supply: Qs 0+2p Demand: Qd 86 2p Solve for the equilibrium price s(round your caiculation to the nearest penny)

• ### Demand, Supply and Equilibrium: Given the following equations representing the behavior of producers and consumers: Price...

Demand, Supply and Equilibrium: Given the following equations representing the behavior of producers and consumers: Price Quantity Demanded Qd Quantity Supplied Qs 52                                1,560                         4,940 48                                1,700                                                                                                           4,560 44                                1,840                         4,180 40                                1,980                         3,800 35                                                                 2,155                         3,325 32                                2,260                                        3,040 29                                2,365                         2,755 26                                2,470                         2,470                     24                                                                                                                                        2,540                        2,280 Consumers: Qd = 3,380 - 35P, Producers: Qs =95P, (P:...