. The demand and supply functions of a good are given by P = -3QD +...

 

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. The demand and supply functions of a good are given by P = -3QD + 30 P = 2Qs + 10 where P, QD, and Qs denote price, quantity demanded and quantity supplied respectively. Find the equilibrium price and quantity (a) graphically (sketch it in a co-ordiante system), (b) algebraically (calculate it). If fixed costs are 20, variable costs per unit are 4 and the demand function is P = 20 - Q obtain an expression for T (Profit, π = TR-TC) in terms of Q and hence sketch its graph. (a) Find the levels of output which give a profit of 30. (b) Find the maximum profit and the value of at which it is achieved. . The demand and supply functions of a good are given by P = -3QD + 30 P = 2Qs + 10 where P, QD, and Qs denote price, quantity demanded and quantity supplied respectively. Find the equilibrium price and quantity (a) graphically (sketch it in a co-ordiante system), (b) algebraically (calculate it). If fixed costs are 20, variable costs per unit are 4 and the demand function is P = 20 - Q obtain an expression for T (Profit, π = TR-TC) in terms of Q and hence sketch its graph. (a) Find the levels of output which give a profit of 30. (b) Find the maximum profit and the value of at which it is achieved.

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