HIULIJ LUBIUUUUL ULICITAT Demand for a product is equal to 70 – 3P, where P is...

Question

Question

business accounting

Answer 1

Answer #1

Demand = 70-3P
Supply = -26 + 9P
where, P = Price of a unit.

Equilibrium price is where supply equals demand.

Therefore, 70 - 3P = -26 + 9P

12P = 96

P = $8.

Equilibrium Price = $8
If we substitute this amount in any equation, we will get the equilibrium quantity.

Quantity = 70 - 3P = 70 - 3(8) = 46 units.

Equilibrium quantity = 46 units.

Answer 2

Similar Homework Help Questions

HIULIJ LUBIUUUUL ULICITAT Demand for a product is equal to 70 – 3P, where P is...

HIULIJ LUBIUUUUL ULICITAT Demand for a product is equal to 70 – 3P, where P is the price of a unit. Supply of the product is -26 +9P. What is the equilibrium price and quantity?
Consider a market where demand is equal to D = P= 30 - 2Q, and supply...

Consider a market where demand is equal to D = P= 30 - 2Q, and supply is equal to S= P=5+ .05Q,... D = demand, S = supply, P = price, and Q = quantity. Calculate the following values for this market: Equilibrium price Equilibrium quantity Consumer surplus Producer surplus
1) Demand in a market is given by Q=9p-7.3 where p is the market price. What...

1) Demand in a market is given by Q=9p-7.3 where p is the market price. What is the elasticity of demand? Include the negative sign if necessary. 2) Demand in a market is given by Q=3p-3 where p is the market price. There are 18 identical firms in the market. What is the elasticity of the residual demand faced by each firm when the elasticity of supply of the other firms is 2.6? 3) Inverse demand in a market is...

Suppose demand for wind turbines is Q = 110-3P, where P is the price. The dominant...

Suppose demand for wind turbines is Q = 110-3P, where P is the price. The dominant producer in this industry is “Winnie’s Wind Turbines”. There are also a number of small price-taking firms that can be represented by the supply function S(P)=P-10. The marginal cost of production for the dominant firm is given by mcd=10 and the total cost function is given by 10qd. What quantity would Winnie’s Wind Turbines supply in the wind turbine market? What would be the...
what is the gradient of tne ine 5x – 7y–14 2. Demand for a product is...

what is the gradient of tne ine 5x – 7y–14 2. Demand for a product is equal to 4500 – 0.75P, where P is the price of a unit. Supply of the product is 1000 + P. What is the equilibrium price and quantity?
Q(p) = 10 + 3p Q(p) = 15 - 2p^2 (2)The following equations describe the market...

Q(p) = 10 + 3p Q(p) = 15 - 2p^2 (2)The following equations describe the market for commodity X. Q(p) = 10 + 3P.. Q(p) = 15 - 2P .....(2) (a)Which of the two equations is the demand equation and which is the supply equation? Explain. (b) Find the equilibrium price and the equilibrium quantity transacted in this market. (C)Find the price elasticity of demand at equilibrium and comment on how the firm could use this information if it considers...

3. The demand and supply for wine are given by Q-20-P and Q-3P, respectively. P is...

3. The demand and supply for wine are given by Q-20-P and Q-3P, respectively. P is the dollar price of wine per bottle, and Q is the number of bottles (unit: thousand bottles). (1) What is the equilibrium price and quantity? (2) Suppose now the government imposes a per-unit tax of $4 on the sellers. Solve for the nevw equilibrium price and quantity, the price sellers received, and the price consumers paid. (3) Calculate the government tax revenue. (4) What...
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...
Suppose the demand for a product is given by D(p)=−3p+139.. A) Calculate the elasticity of demand...

Suppose the demand for a product is given by D(p)=−3p+139.. A) Calculate the elasticity of demand at a price of $31. Elasticity = ? (Round to three decimal places.) B) At what price do you have unit elasticity? (Round your answer to the nearest penny.) Price = ?

Suppose the market demand and market supply curves are given by the equations: Qd= 100-P Qs=...

Suppose the market demand and market supply curves are given by the equations: Qd= 100-P Qs= 3P a. What are the equilibrium price and equilibrium quantity in the market for this product? b. Find out consumer surplus, producer surplus, and total surplus. c. Suppose the government sets a price floor at $26 for this product. With this price floor, how much is consumer surplus? d. With this price floor of $26, how much is producer surplus? e. Find out total...