What is the equilibrium price and quantity

Assignment Help Econometrics
Reference no: EM13180249

The following equations show market demand and supply, respectively:

Qd = 10,000 - 1,000P

Qs = -2,000 + 1,000P

What is the equilibrium price and quantity in this market?

Reference no: EM13180249

Questions Cloud

Use five classes to determine the class width : The following data represent the length (in months) of time it takes for a tumor to reoccur after chemotherapy. Use five classes to determine the class width.
Identify the critical point to the nearest hundredth : graph y=2x^2+3x-2 in graphmatica and determine if it has a maximum or a minimum, identify the critical point to the nearest hundredth.
What are the dimensions of the largest area : The owner of the Rancho Grande has 2972 yd of fencing with which to enclose a rectangular piece of grazing land situated along the straight portion of a river. If fencing is not required along the river, what are the dimensions of the largest area..
What it the totla amount of fica tax : Edward worked at three jobs during 2011. he earned 40,000, 37,000 and 9,000 respectively from the jobs and claimed three allowances on each of his W-4's. What it the totla amount of FICA tax that would have been withheld for Edwards wages?
What is the equilibrium price and quantity : The following equations show market demand and supply, respectively: Qd = 10,000 - 1,000P Qs = -2,000 + 1,000P What is the equilibrium price and quantity in this market?
Calculate the change in welfare compared to the free market : If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..
Find the airspeed of the plane and the speed of the wind : An airplane flying into a headwind travels 216 miles in 2 hours and 42 minutes. On the return flight, the distance is traveled in 2 hours. Find the airspeed of the plane and the speed of the wind, assuming that both remain constant.
How the perpetual and periodic inventory systems differ : Explain whether users of financial statements should exercise caution when interpreting financial statement compliant with GAAP and explain how the choice of depreciation method affects reported profits.
Find the flow rates in and out of the pipes : When one outlet pipe is closed, it takes 5 hours to fill the tank. Find the flow rates (in gallons per hours) in and out of the pipes.

Reviews

Write a Review

Econometrics Questions & Answers

  How test statistic can be computed from two regressions

State what is its distribution under the null and why and explain the conditions under which you would reject H0

  Find the equilibrium price and quantity for number of taxi

In order to ingratiate himself with voters, the mayor of Gotham City decides to lower the price of taxi rides. Assume, for simplicity, that all taxi rides are the same distance and therefore cost the same. The accompanying table shows the demand a..

  Reduction in tax rates increase governments tax receipts

Use a Keynesian 45-degree diagram to show the effect of an increase in government spending and how could a reduction in tax rates increase government's tax receipts?

  Find cost of labor

Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year?

  What is the economy''s mpc

Suppose that disposable income consumption Andy saving in some country are$200 billion, $150 billion and $50 billion respectively, next assume that disposable income increase by $20 billion, consumption rises by $18 billion and saving goes up by $..

  Describe the process through which money is created

Explain the process through which money is constructed. Describe how current events less than ninety days have affected this process and the effect current events will have on the economy as a whole.

  What do you make of the large negative intercept estimate

Does the small R-squared in part (i) imply that spending is correlated with other factors affecting math10? Explain. Would you expect the R-squared to be much higher if expenditures were randomly assigned to schools-that is, independent of other s..

  Discussion on kohls

Select three macroeconomic indicators that you feel have greatest impact on operations or considering for Kohls. Discuss and describe why they are important to current or future situation of your organization.

  Question about the regression results

Wilpen Corporation, a price setting company, manufactures nearly 80% of all tennis balls purchased in the US. Wilpen estimates the US demand for its tennis balls by using the following linear specification:

  Calculate the saving function

Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?

  What is the consumer surplus

Chell's demand function is P(ch) = 5-q(ch). Gordon's demand function is P(g)= 3-q(g). Draw the aggregate demand curve. What is the consumer surplus with the price is $2?

  Discuss signs and magnitudes of the estimated coefficients

Discuss the signs and magnitudes of the estimated coefficients and their comparisons to predicted or theoretical signs and magnitudes. What have we learned?

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