Question: the first two equations are set 1 and the last two equations are set 2 For the following set of demand and supply equations do

the first two equations are set 1 and the last two equations are set 2

the first two equations are set 1 and the last two equations

For the following set of demand and supply equations do the following, a. Find the equilibrium price and equilibrium quantity for each set of equations. b. Draw each set of equations in a clearly labeled graph and show the equilibrium P and Q. c. Calculate the consumer surplus at the equilibrium P and Q found in b. cl. If the price were to increase, calculate the total new consumer surplus. Calculate the loss in the consumer surplus e. If the price were to decrease, calculate the total new consumer surplus. Calculate the gain in the consumer surplus f. Draw c, d and e showing all the points/areas. Show all your workings P=80-2Q P=60+3Q Equation set 1 P=3000-Q P=1000+Q Equation set 2

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!