Determine the equilibrium price and quantity

Assignment Help Microeconomics
Reference no: EM13692514

The demand and supply for a particular commodity are given by the following two equations: demand p= 110-3Qd and supply p=-10+3Qs

Determine the equilibrium price and equilibrium quantity.

 

Reference no: EM13692514

Questions Cloud

Initial high costs justify infant industry protection : A country currently imports automobiles at $8,000 each. Its government believes that, given time, domestic producers could manufacture autos for only $6,000 but that there would be an initial shakedown period during which autos would cost $10,000 to ..
Impact on consumer-producer surplus in this labor market : Assume that labor demand is given by Qd = 200 - 20P and labor Supply is given by Qs = 10P - 10, where P = wage and Q = quantity of labor. If a minimum wage of $8 is imposed on this market, what will be the impact on consumer and producer surplus in t..
Create less worry about the social security system : What condition would create less worry about the Social Security system?
Determine the equilibrium price and quantity : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..
What factors determine the job finding rate : Explain the role of labor supply and labor demand in determining the incentives to return to equilibrium. Explain why unemployment falls when output rises. In the process, mention what happens to unemployment. What factors determine the job finding r..
Indifference curve and budget line to analyze the behavior : Make an indifference curve and budget line to analyze the behavior the choice of leisure time and hours of work of employees who are paid:
What will happen to your margin account : The current price of gold is $1,800 an ounce, and the current futures price is 1,850 an ounce. Suppose you expect the price of gold to rise and you enter a long position into a future contract to buy gold.

Reviews

Write a Review

Microeconomics Questions & Answers

  1 suggest how an economist would approach the problem of

1. suggest how an economist would approach the problem of alcohol abuse. provide two 2 possible solutions to this

  Based on some very insightful market research

An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the stamp to their own private collection and is not worr..

  Please note that this is a follow up question to the last

please note that this is a follow up question to the last assignment i submitted. it would be great of the person who

  Expansionary macro policy will cause real output

Assuming that the LAS Curve remains stationary and does not shift, if an economy is at its potential output, an expansionary macro policy will cause real output to:

  Environmentalists argue that trade liberalization harms the

environmentalists argue that trade liberalization harms the environment. the decisions of the world trade organization

  In a closed economy 10000 is to be spent anually on the

in a closed economy 10000 is to be spent anually on the maintenance of existing capital stockwhile the factor cost of

  What can do to use technology including social media to

prepare a three-page paper in apa style that describes explains addresses and answers the following.how has technology

  Show that maximizing prot implies cost minimization

Show that maximizing prot implies cost minimization.

  Capital intensity of production in the labor intensive good

In the Heckscher-Ohlin model, after opening up to trade, presume a country exports a capital intensive good. What happened to the capital intensity of production in the capital intensive good? What happened to the capital intensity of production in t..

  Pharmaceutical drugs have an inelastic demand

Use appropriate assumptions where required. These may help you to simplify any complexity. Selecting appropriate assumptions in economics is

  Health economists use demand and supply theory to explain

health economists use demand and supply theory to discuss the health insurance exchange created by the affordable care

  Explain this freedom to engage in business activities

In what way does the Bill of Rights protect individuals' freedom to engage in business activities. it recognizes property righs or else.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd