Use the following two equations: (1) P = 12 2Q (2) P = 3 +Q a.
Question:
Use the following two equations:
(1) P = 12 – 2Q
(2) P = 3 +Q
a. Find the equilibrium price and quantity.
b. Graph the demand and supply equations. Illustrate the equilibrium point.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (18 reviews)
a Setting the equations equal to each other 12 2Q 3 Q S...View the full answer
Answered By
Joan Gakii
I'm a meticulous professional writer with over five years writing experience. My skill set includes
- Digital Content,
- Interpersonal Communication,
- Web Content and academic Writing,
- Proofreading,
- Editing,
- Project Management, and
- Public Relations.
5.00+
7+ Reviews
12+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Early explorers often estimated altitude by measuring the temperature of boiling water. Use the following two equations to make a table that modem-day hikers could use for the same purpose. p =...
-
The GPS Company is trying to derive a cost equation that predicts its monthly materials handling costs. GPS estimated the following two equations using regression analysis. Equation 1:...
-
As discussed in Section 6.2, either of the following two equations can be applied to determine the amount necessary to recover invested capital and a required return: CR 1 = P(AP,i,n) + S(AF,i,n) or...
-
The AND function can be realized by using only n number of NOR gates. The value of nequal to
-
The following transactions of Philadelphia Pharmacies occurred during 2017 and 2018: 2017 Jan. 9 Purchased computer equipment at a cost of $7,000, signing a six-month, 8% note payable for that...
-
Identify which GAAP most directly describes each of the following correct practices: ___________ a. Tracy Regisowns two businesses, Second Time Around Clothing and Antique Accents, both of which are...
-
Find the percentile that corresponds to an age of 47 years old. Use the data set, which represents the ages of 30 executives. 43 57 65 47 57 41 56 53 61 54 56 50 66 56 50 61 47 40 50 43 54 41 48 45...
-
Universal Video sells $40 million worth of video recording equipment in the United States. The total sales of such equipment in the United States is $100 million. One-half of Universals sales is to...
-
Describe the advantages and disadvantages of the three temporal orientations - past, present, and future. How do these temporal perspectives differ across culture?
-
What is meant by the statement "Tool life is a random variable"?
-
Jonah is completely indifferent between eating the brand name version of his favorite cereal and eating the generic version. His preferences would best be represented by which indifference curve on...
-
Use the information about price and quantity in Table AP-4 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve Supply. What is the slope of that curve?
-
Fairmont Industries primarily relies on 100% equity financing to fund projects. A good opportunity is available that will require $250,000 in capital. The Fairmont owner can supply the money from...
-
An increase in income results in: a. no change in demand b. a change in quantity demanded c. a shift in demand d. a movement along the demand curve
-
The following is a noneconomic good: a . a cookie b . a sunset c . a football d . a Lexus automobile
-
An increase in the price of fertilizer will alter the market for wheat by: a. a leftward shift in demand b. a rightward shift in demand c. a leftward shift in supply d. a rightward shift in supply
-
An example of an economic good is: a . a cookie b . pollution c . garbage d . disease
-
A price support results in: a. off-farm migration b. shortages c. surpluses d. lower prices
-
Explain the pitfalls in the following statements. a. People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. Therefore, exercising daily causes...
-
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to...
-
Assume that the market for rental cars for business purposes is perfectly competitive, with the demand for this capital input given by K = 1,500 25v and the supply given by K = 75v 500 Where K...
-
Suppose that the supply curve for the labor to a firm is given by L = 100w and the marginal expense of labor curve is given by MEL = L/50 Where w is the market wage. Suppose also that the firm's...
-
Carl the clothier owns a large garment factory on a remote island. Carl's factory is the only source of employment for most of the islanders, and thus Carl acts as a monopsonist. The supply curve for...
-
Show how binary exponentiation can be used to calculate a 128 efficiently. How many multiplications are required?
-
How can one tell many months the positive skew had in it?
-
Drug 4 mg I every 3 hours prn pain. Supplied as 10mg/10 ml. Calculate mL per dose?
Study smarter with the SolutionInn App