Question: Suppose demand for masks is OD = 15 - P. The supply of masks is 08 = 2P. Set OD = Os and use algebra

 Suppose demand for masks is OD = 15 - P. The

Suppose demand for masks is OD = 15 - P. The supply of masks is 08 = 2P. Set OD = Os and use algebra to find the equilibrium P and Q. Equilibrium P = 5 and equilibrium Q = 10 . (Enter your answers as a whole number.) Using these equations, show the demand and supply curves for masks on a sketch. (Hint: Remember the equilibrium you found above is a point on both the supply and demand curves.) 1.) Using the line drawing tool, draw the demand for masks based on the equation QD =15 - P. Label the line 'D1'. 2.) Using the line drawing tool, draw the supply of masks based on the equation 08 = 2P. Label the line '81'. 3.) Using the point drawing tool, indicate the equilibrium in the mask market. Label the point 'E1'. Carefully follow the instructions above and only draw the required objects

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!