Log in
Economics
2
answers
0
watching
88
views

For the following demand and supply curves, with P on the vertical axis as in economics, find the equilibrium quantity and price.

S = P= 2/5 Q +3

D = P = -3/5 Q +33

Watch
2
answers
0
watching
88
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

Question 4. (15 marks) Suppose supply is given by q = 2 + p and demand by q = 10 โ€“ 2p. (a) Plot these curves with p on the vertical axis, showing the slopes and all horizontal and vertical intercepts. (b) Using the information from Question 3 calculate the equilibrium quantity and price. (C) Suppose the demand curve shifts such that q = 15 - 2p. Compute the new equilibrium price and quantity. Show this on your graph.

The government is considering three alternative policies to restrict alcohol drinking. The supply and demand curves are as follows: Demand: Qd = 300 - P Supply: Q:=P/2 where P is measured in cents and Q is measured in millions of bottles per month. a. Graph the supply and demand curves. Identify the P and Q intercepts for the demand curve and the P and Q intercept for the supply curve. Solve for the equilibrium price and quantity. Show the equilibrium in the graph. [10 marks]

Assume that the supply and demand curves in a market are described by the following equations. Supply: P = 5+5 ร‚ยท QS Demand: P = 86

1. Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may use quantities four (Q = 4) through twenty (Q = 15) by units of one (1) for your graph.

2. What is the quantity supplied (QS) at P = $35?

3. What is the surplus or shortage when P = $70?

4. What is the price and quantity equilibrium (Pe and Qe) in this market?

Assume that you have a budget of $30 to spend on milk and cereal only. The price of milk is PM = $5 and the price of cereal is PC = $3.50.

1. Graph the budget constraint. Be sure to put the quantity of milk (QM) on the horizontal axis.

2. What is the most you can purchase of cereal?

3. If you purchase 3 units of milk (QM = 3), then how many units of cereal can you purchase at most?

4. What is the slope of the budget constraint? (Note: it is important that you answer Question 2.1 correctly and put QM on the horizontal axis.)

5. What is the opportunity cost of 1 unit of cereal?

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in