Homework Answers
Demand: P = 300 - 16Q
Supply: P = 120 + 4Q
At equilibrium, demand equals supply,
300 - 16Q = 120 + 4Q
180 = 20Q
Q = 9
Put value of Q in either demand or supply equation, P = 156
Thus equilibrium quantity is 9 units and equilibrium price is $156.
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A
B
C
D
E
F
G
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I
20.00
19.00
17.50
13.00
10.00
4
10
28
80
Calculate the following at the equilibrium price of $17.50.
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price.
Instruction: Enter your response rounded to two
decimal places.
$ per week.
b. The weekly producer surplus...
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