Reference no: EM131251916
These two questions have to do with market equilibrium. Please show the steps so I can understand better.
1. (a) Graph the supply function, Supply p = 0.2q+10 and demand function Demand p = -0.4q+70
(b) Find the equilibrium point E for the demand and supply functions given in (a).
(c) Plot the new demand function...New Demand p = -0.44q+90
(d) Find the new equilibrium point E'
(e) Describe the change in equilibrium points
(f) Find the new equilibrium point E" with the original demand and new supply function...New Supply p = 0.25q+18
(g) Describe the change in equilibrium points
2. (New question)
The demand and supply functions for products #1 and #2 are:
Demand & Supply
#1 (demand) p1 = 1000-5q1 -4q2 ....(supply) p1 = 90+2q1 +3q2
#2 (demand) p2 = 900-2q1 -5q2 ...(supply) p2 = 120+q1 +4q2
(a) Find the prices and quantities at equilibrium
(b) If demands change to those below, with the same supply functions find the new equilibrium point.
Demand #1 p1 = 1210-5q1 -4q2
#2 p2 = 984-2q1 -5q2.
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: These two questions have to do with market equilibrium. Please show the steps so I can understand better. 1. (a) Graph the supply function, Supply p = 0.2q+10 and demand function Demand p = -0.4q+70
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