+1-415-670-9189
info@expertsmind.com
Describing equilibrium quantity and price
Course:- Microeconomics
Reference No.:- EM1367142




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Microeconomics

The demand and supply functions are given below.

QD = 500 - 2P

QS = -100 + 3P

Graph the supply and demand curves using Excel.

Find the equilibrium price and quantity.

If the current price of the product is $100, what is the quantity supplied and quantity demanded? How would you describe this situation? What would you expect to happen in this market (will the price go up or down)?

If the current price of the product is $150, what is the quantity supplied and quantity demanded? How would you describe this situation? What would you expect to happen in this market (will the price go up or down)?

Suppose that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
Eectrical Drives – Classification of AC Drives & VFD :  What is an Electric Drive? Why It is Needed? Why Electrical Drives are needed? Block Diagram of an AC Electric Drive
What is Hardin's solution to the Tragedy of the Commons - What would need to be done, according to Hardin, Elliot, and Jared Diamond, to prevent a tragedy in these 2 commons.
The TechEdge Corporation offers two forms of 4-year service contracts on its closed-loop water purification system used in the manufacture of semiconductor packages for micr
How is the United States government unique in the world in its allowed methods for depreciat- ing assets? For what purpose may a country reduce domestic and foreign corporat
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
The manager of a corporate division faces the possibility of an audit every year.  She preferes to spend time preparing if she will be audited; otherwise, she would prefer to
Identify a product that could be promoted using a social networking site such as Facebook. In about 100 words, explain why your chosen product would be a good candidate for a
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s