Question: Demand is given by Q d = 6 2 0 - 1 0 * P and supply is given by Q s = 1 0

Demand is given by Qd=620-10*P and supply is given by Qs=100+3*P. What is the price and quantify when the market is in equilikrium?
Hint. Market equilibrium is where the quantity demanded are equal to quantitys upplied. On the graph where the supply and demand curves intersect. Qd=as.
Demand is given by Q d = 6 2 0 - 1 0 * P and

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Problem 5 * Monopoly and Price Discrimination: Arcon is a supplier of electricity in Oregon. In the Oregon market, Arcon is not a price taker. In other words, the quantity of electricity supplied by...

Q:

Question 4 (13 points) Diamond Furnishing inc. is about to start selling a new import coffee table. It estimates the demand curve to be q = D ( p) = 1, 000 200 2 p . The Willingness to order such a...

Q:

14.6 A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi...

Q:

please answer and explain Problem 3 - Integrals: This section contains four questions, each is worth 1.5 marks. The market for a particular consumer good has a demand function given by: q = 24 - p...

Q:

Suppose that the demand and supply functions for a good are given as follows : Demand : Q ^ D = 1024/(P ^ 2) Supply: Q ^ s = P ^ 3 Suppose now that government imposes $ 5 tax per unit of output on...

Q:

14.6 A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qt =...

Q:

14.6 A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qt =...

Q:

Consider an electricity market where there are three suppliers, each with constant marginal cost (a reasonable approximation in electricity genera- tion). Firm 1 has a capacity of 200 and MC = 5....

Q:

File Home lnserl; Draw Page 1 of? 1073 words [Q P Type here to Search Design Layout English [Australia] case assignment - ta References Mailings Review View Help Case Details: Stylish Ltd sells two...

Q:

Firm 1 and Firm2 each has a fixed cost of $20. The demand functions facing each firm is given by: Q 1 = 12 2 P 1 + P 2 Q 2 = 12 2 P 2 + P 1 a. Find the Bertrand equilibrium. b.Compare the Bertrand...

Q:

Suppose that in the preceding problem drug producers invent another production process that discharges no waste and can be used at a constant cost of 10.6 cents per dose. a. What will the price and...

Q:

What would be some of the biggest challenges in your professional and work lives if you were an expatriate managing a hotel in a country whose language you were fluent in? If you were not fluent in...

Q:

If net cash flow from operating activities is less than current liabilities, it indicates the company

Q:

Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash $ 52,000 Short-term investments 12,000 Accounts receivable...