Calculate the equilibrium price and quantity, Microeconomics

Assignment Help:

Question:

(a) The market demand schedule and market supply schedule for firm H is as follows:

QD = 500 - 10P
QS = -100 + 6P

Where QD and QS denotes quantity demanded and quantity supplied respectively and P denotes price.

(i) Calculate the equilibrium price and quantity.

(ii) If a maximum price of Rs. 20 is imposed, what is the resulting shortage?

(iii) Estimate the revenue that can be generated from black market following the shortage.


Related Discussions:- Calculate the equilibrium price and quantity

Subsitution and income effect, subsitution effect dominate tha income effec...

subsitution effect dominate tha income effect in which good case?

Find all the equilibrium, The "Battle of Sexes" is a famous game. The story...

The "Battle of Sexes" is a famous game. The story is that a couple tries to decide what to do on a Friday evening. The girl prefers to go to an Opera and the guy prefers to go to t

Mirginal utility, what is the basis of marginal utility

what is the basis of marginal utility

Base case NPV analysis , How base case NPV analysis is applied in financial...

How base case NPV analysis is applied in financial risk management

Market structures, illustrate and discuss the implications of various marke...

illustrate and discuss the implications of various market structures (competitive and non competitive) for price determination

Employment, Employment The calculations of human input in the producti...

Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor

Demand curves, draw demand curve for a-phone explain how the graph, price ,...

draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.

#title.inflation., inflation wide equality while deflation narrow it down d...

inflation wide equality while deflation narrow it down due in aggree distify we answer with algement?

Perfect competition, i when should continue to produce in the short run

i when should continue to produce in the short run

Write Your Message!

Captcha
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