In a market demand and supply equations are: The demand curve is given as: P = 50

Fantastic news! We've Found the answer you've been seeking!

Question:

In a market demand and supply equations are:

The demand curve is given as: P = 50 - 3Q

The supply curve is given as: P = 10 + 2Q

Assuming a perfectly competitive market:

1) What is the equilibrium price and quantity?

Related Book For answer-question

Managerial Economics

ISBN: 978-1118808948

8th edition

Authors: William F. Samuelson, Stephen G. Marks

See More Books

Posted Date: Mar 02, 2024 10:34 AM

See More Questions

Stars Inc. is a large clothing corporation that specializes in reselling clothes worn by celebrities. The company's four websites generate 75 percent of its sales. The remaining 25 percent of sales...
1. In the short-run, there are three stages of production. Identify or define each of these and then discuss why a Manager would never knowingly produce in either Stage I or Stage III. 2. Suppose you...
Wallace and Brace CPA assign a partner to screen and recommend (or decline) potential clients prior to acceptance. Discuss at least 4 specific issues which should have been considered prior to...
Question 1: Presented below is information related to Al-Arab Company. Its capital structure consists of 80,000 ordinary shares. At December 31, 2020 an analysis of the accounts and discussions with...
A 300-N force is applied at A as shown. Determine (a) The moment of the 300-N force about D, (b) The smallest force applied at B that creates the same moment about D. 100 mm- 200 mm 125 mm 200 mm...
Sample annual salaries (in thousands of dollars) for employees at a company are listed. (a) Find the sample mean and the sample standard deviation. (b) Each employee in the sample receives a 5%...
A significant issue when a contract is breached is whether the cause of action is strictly in breach of contract or may be expanded to negligence and strict liability. The significance comes into...
Waldo Corporation has recently retained your accounting firm to prepare its income tax return. Art, the partner in charge of the engagement, has assigned you the job of reviewing last years return...
You have made a physical pendulum by swinging a rod of mass M = 0.73 kg and length L = 0.53 meters around its end. The mass of the rod is distributed uniformly along its length. We will assume that...
To become an owner of any company a person must have contributed to its capital. To facilitate this there total capital required by the company is divided into small units or shares. One becomes a...
Assume the role of Nick and write a bad-news announcement to all employees explaining the elimination of the tuition-reimbursement program. Explain that the company has lost money in three of the...
Assume the role of Nick and write a bad-news announcement to all former Elite Customers explaining the elimination of the program. Juan Hernandez for many years had worked with Jensen Chemicals to...
Mohamed Bakar Alidini recently formed a business in the Republic of Yemen to process liquefied natural gas for export to other countries. Natural gas can be converted to a liquid by cooling it to...
The recognition of an expense usually occurs based on one of the following three intrinsic principles: (a) Associating Cause and effect (b) Systematic and rational allocation (c) Immediate...
What is the yield to maturity on a $$10$,000-face-value discount bond, maturing in one year, which sells for $$9$,523.81?
The following set of data was obtained when creating a calibration curve for the gas chr (GC/MS) based analysis of the anabolic steroid metabolite 19-norandrosterone in urine: Concentration of...
Prove the following D,(cos x) = - sin x (Hint: Apply the identity cos(A + B) = cos A cos B sin A sin B)
An oil wildcatter is considering drilling a site that she judges to be wet with probability .2 and dry with probability .8. Her profit from an oil strike is $1 million, and her loss from a dry hole...
The notion of elasticity is essential whenever the multiplicative product of two variables involves a trade-off. (Thus, we have already appealed to price elasticity to maximize revenue given the...
Suppose a monopolist controls the industry described in Problem S2 of Chapter 7. The industry demand curve remains: P = 160 2Q. In addition, total production costs are unchanged: C = 800 + 40Q +...
A Consider \[\begin{cases}\dot{x}_{1}=-x_{1}\left|x_{1} ight|+a x_{2}-\frac{2}{3}+\sin t & x_{1}(0)=\frac{2}{3} \\ \dot{x}_{2}=-x_{1}-\frac{1}{2} x_{2}-1, & x_{2}(0)=1\end{cases}\] where $a$ is a...
The governing equation for an RLC circuit driven by the applied voltage $v_{a}(t)$ is derived as \[L \frac{d i}{d t}+R i+\frac{1}{C} \int i d t=v_{a}(t)\] where $L=4 \mathrm{H}, R=4 \Omega$, and...
The pendulum system in Figure 8.35 consists of a uniform thin rod of length $l$ and a concentrated mass $m$ at its tip. The friction at the pivot causes the system to be damped. When the angular...

In a market demand and supply equations are: The demand curve is given as: P = 50

Question:

Expert Answer:

To find the equilibrium price and quantity in a perfectly ... View the full answer

Managerial Economics

Students also viewed these economics questions