What are the equilibrium price and quantity

Reference no: EM13304703

Suppose the demand for good X is given by Qd = 60 -2Px + 0.01M + 7 PR where Qd = quantity of X demanded; Px price of X; M = (average) consumer income; PR = price of a related good R.

Assume that M = $40,000 and PR = $20. Assume that the supply function is given by Qs = -600 + Px.

What are the equilibrium price and quantity?

Reference no: EM13304703

Questions Cloud

Calculate the work done by gases with constant specific heat : The gases are expanded to 140 kPa with a reversible adiabatic process. Calculate the work done by the gases, assuming they can be approximated by air with constant specific heats.

What is the convertible issue conversion ratio : Peterson Securities recently issued convertible bonds with a $1000 par value. The bonds have a conversion price of $40 a share. What is the convertible issue's conversion ratio?

Determine the beams pressure on the wall : A beam of hydrogen molecules (H2) is directed toward a wall, at an angle of 68 ° with the normal to the wall. What is the beam's pressure on the wall

Determine the resulting acceleration of the crate : THe 50 kg crate is stationary when the force P is applied. Determine the resulting acceleration of the crate if (a) P=0, (b) P=150 N, and (c) P=300 N

What are the equilibrium price and quantity : Suppose the demand for good X is given by Qd = 60 -2Px + 0.01M + 7 PR where Qd = quantity of X demanded; Px price of X; M = (average) consumer income; PR = price of a related good R.

How long does it take for the laser bream to reach building : A submarine is 300. m horizontally out from the shore and 100m. beneath the surface of the water. How long does it take for the laser bream to reach the building

What is the cost of equity for green using the dividend : The expected risk-free rate of interest is 2%, and the expected market premium is 5.5%. The company's beta is 1.2.

Find the velocity of the air downstream of the restriction : Find the velocity of the air downstream of the restriction, and show that the enthalpy is essentially the same before and after the throttling process. Also find the change of entropy.

Advise brain of the tax consequences arising from the sale : Advise George in each of the above situations as to his tax liabilities. Also advise him as to whether his receipts are income or capital on general principles.

User Account

All Pages