Find the equilibrium price and quantity, economics, Microeconomics

Find the equilibrium price and quantity, economics, Microeconomics

Assignment Help:

1. Assume that the market for wheat is perfectly competitive. Suppose the demand curve for wheat is given by:

QD = 200 – 2P

where QD is the quantity demanded, in bushels, and P is the price, in dollars per bushel. Suppose that the supply curve is given by:

QS = P – 10,

for values of P greater than or equal to 10, where QS is the quantity supplied, and QS = 0 when P < 0.

(1) Find the equilibrium price and quantity of wheat. Draw them in a clearly marked diagram.
(2) Suppose that unfavorable weather conditions shift the supply curve to the left, by 5 bushes of wheat at each price. Again find the equilibrium price and quantity, and draw the new equilibrium on the diagram you constructed for part (1).

Related Discussions:- Find the equilibrium price and quantity, economics

Pancakes creation, PanCakes Creations is considering franchising its single...

PanCakes Creations is considering franchising its single brand of pancakes to stall-holders on the Zandvoort beach, which is 5 kilometers long. PanCakes Creations estimates that on

Price and output determination, Ask question #Minimum sources of monopoly10...

Ask question #Minimum sources of monopoly100 words accepted#

Chemical combination, Draw a diagram to show the type of bond between two f...

Draw a diagram to show the type of bond between two flourine atom

Identify the cases for government intervention in an economy, Problem 1: ...

Problem 1: i) How might unemployment arise? ii) Critically explain how fiscal policy can be used to reduce the unemployment rate in an economy. iii) ‘'Inflation always

How to solve major economic problem as a CS engineer, how to solve major ec...

how to solve major economic problem as a computer engineer

How many strategy combinations, Janet decides to play a game with her child...

Janet decides to play a game with her children, Jay and Jill (who are fraternal twins) and Mo. Each child is in their own room and cannot communicate with each other. Suppose Jill

Money and banking., excess reserve make a bank less vulnerable to runs.why

excess reserve make a bank less vulnerable to runs.why

Per unit tax and surplus, How does a per unit tax affect consumer surplus.

How does a per unit tax affect consumer surplus.

Bains theory, what is bains theory ? describe with the diagram

what is bains theory ? describe with the diagram

Returns to scale in carpet industry, Returns to Scale in Carpet Industry ...

Returns to Scale in Carpet Industry * The carpet industry has grown from the small industry to large industry with some large firms. * Question - Can the growth be illu

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

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