HomeworkLib
Question

16 . Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs =...

16 . Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs = 3P.   Calculate the equilibrium price and quantity:

P = $18; and Q = 54
P = $90; and Q = 45
P = $30; and Q = 54
P = $30; and Q = 30
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Demand Function

Qd = 90-2P

Supply Function

Qs = 3P  

Equilibrium condition is demand equals to supply.

Demand function = Supply function

90-2P = 3P

90 = 5P

P = 90/5 = $18

Quantity = 90 – 2 (18) = 54

Answer (a) P = $18; and Q = 54

1 0
Add a comment
Know the answer?
Add Answer to:
16 . Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs =...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 18. Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs = 3P....

    18. Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs = 3P. Using the same Demand and Supply curves that can be represented by:     Qd = 90-2P; and Qs = 3P. Consumer Surplus is: $1944 $342 $729 $486

  • 17. Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs = 3P....

    17. Demand and Supply curves can be represented by:     Qd = 90-2P; and Qs = 3P. Using the same Demand and Supply curves that can be represented by:     Qd = 90-2P; and Qs = 3P. Producer Surplus is: $486 $243 $118 $900

  • 19. Still using the same Demand and Supply curves that can be represented by:     Qd =...

    19. Still using the same Demand and Supply curves that can be represented by:     Qd = 90-2P; and Qs = 3P.   Suppose price is at $20, there will be ……..    as many as ……..units. shortage; 10 units shortage; 18 units surplus; 10 units surplus; 18 units

  • 20. Still using the same Demand and Supply curves that can be represented by:     Qd =...

    20. Still using the same Demand and Supply curves that can be represented by:     Qd = 90-2P; and Qs = 3P.   Suppose price is at $15, there will be ……..    as many as ……..units. shortage; 60 units surplus; 45 units shortage; 15 units surplus; 15 units

  • Consider the following demand and supply curves: Qd = 200 – 2P and Qs = 20...

    Consider the following demand and supply curves: Qd = 200 – 2P and Qs = 20 + 4P. What are the equilibrium quantity and price? At that equilibrium what is the price elasticity of demand?

  • Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation...

    Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation can be represented as QS = -10 + P. a. Find the equilibrium price and quantity. b. At a price ceiling of $20, what is the QD and QS. What is the deadweight loss, consumer surplus and producer surplus amount?

  • 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...

  • A market is described by the following supply and demand curves: Qs = 3P Qd =...

    A market is described by the following supply and demand curves: Qs = 3P Qd = 400-P The equilibrium price is S and the equilibrium quantity is Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be supplied will be . and the quantity demanded will be . Therefore, a price calling of $60 will result in the quantity the quantity Suppose the government imposes a price floor of $80....

  • The demand for a product is Qd=100-4P+3Px and supply is Qs=10+2P, where Q is the quantity...

    The demand for a product is Qd=100-4P+3Px and supply is Qs=10+2P, where Q is the quantity of the product in thousands of units, P is the price of the product and Px is the price of another good. When Px = $40, what is the equilibrium price and quantity of the product? At the equilibrium price and quantity, what is the price elasticity of demand for the product? At the equilibrium price and quantity, what is the price elasticity of...

  • 1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes...

    1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT