Question: Suppose the demand function is given by Q ,=2000- P and the supply function is given by Qs = P. The equilibrium price and quantity

Suppose the demand function is given by Q ,=2000- P and the supply function is given by Qs = P. The equilibrium price and quantity in this market are: O P=1000, Q=1000 O P=2000, Q=500 O P=500, Q=2000 O P=2000, Q=2000

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!

Questions 1. (Cost Minimization, 10pts) The production functions are given as below. (1) Fill in blank cells in the table below. (2) Using the table above, when Q=30, w = 1, and r = 2, find optimal...

The market for hand sanitizer is given by the following demand and supply equations: Demand P = 50 - 2/3 : P = Supply: P = %0 where P is the price per bottle, and Q is the quantity of bottles. The...

The market for Chai is perfectly competitive. Each firm has a cost function given by c(q) = 16 + q 2 , where q is the output produced by a firm. Any firm which stops production has no cost. The...

Solve for part a b and c he espresso machines. The demand function is given by Q = 6 p is the price of the machines. The supply function is given by Q pplied and w is the hourly wage of the workers...

Suppose the demand function is p = 1 0 0 0 . 0 1 x and the supply function is p = 1 0 + 0 . 0 2 x . 4 . 1 . Find the equilibrium price and quantity. Plot the supply and demand function. 4 . 2 . Find...

3.(Excise Taxes) The demand and supply for soft drinks are given by Q = 20 - P and Q = 3P, respectively. Solve for the equilibrium price and quantity. Suppose now the government imposes a per-unit...

Suppose the demand function for avocados is Q = 1 0 4 - 4 0 p + 2 0 p t + 0 . 0 1 Y where p is the price of avocados, p t is the price of tomatoes, and Y is average income, and the supply function...

Can someone please help me answer these questions asap? Thank you in advance Suppose that the long-run cost function for a perfectly competitive firm in the personal computer business is C (q) = 4q2...

In the town of Middleofnowhere there are only two farmers and they are the only producers of milk. The local demand for milk is given by (P denotes price measured in cents, Q denotes the total...

4. The market demand function 1s given by Q,, = a bp. In the short-run, there are N identical firms in the market. Each firm has the same cost function: C(y) = cy?. Write down 2 optimal conditions...

. [-/2 Points] DETAILS ILLOWSKYINTROSTAT1 7.3.089.HW. Salaries for teachers in a particular elementary school district are normally distributed with a mean of $41,000 and a standard deviation of...

Solve Prob. 2.77 assuming that point A is located 25 north of west and that the barrel of the gun forms an angle of 30 with the horizontal. Problem 2.77: A gun is aimed at a point A located 20 west...

When using data import, what two types of data are joined with Analytics data when you open a report and Analytics issues a query for the report data? Select the best answers. User data Item data...

For a certain product, Maximum Reservation Price is $50 and Maximum Willingness to Buy is 10.000 units. What is the formula for the linear demand curve that describes demand for this product? 1)...

7. Imagine a communication situation in a work context or in the home situation that has made a big impression on you, positively or negatively. a. Examine now i. your own intentions ii. what you...

Personal role: This consists of service to family and friends.

The role of life: It consists of your own service to yourself.