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Suppose the supply and demand curves are given by:

Quantity demand = 200 - 2p

Quantity supply = 100 + 3p

Find the equilibrium price and quantity

If the current price is $10, what is the quantity demanded and quantity supplied, and what happens in the market for this product?

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019

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Related questions

Use the table below to find the quantity demanded and the quantity supplied of pounds of bananas at each price.

The Demand Function for bananas

Q = 25 - 2P

The Supply Function for bananas

Q = 3P

Price

(per pound of bananas)

Quantity of Bananas Demanded

(pounds)

Quantity of Bananas Supplied

(pounds)

$ 2

21

  

4

  

12

6

    

8

9

  

10

    

There is a surplus in a market for a product when:

a. quantity demanded is greater than quantity supplied.

b. the current price is lower than the equilibrium price.

c. quantity demanded is less than quantity supplied.

d. supply is less than demand.

Assume that a market is described by the following functions:

Demand Function: Qd = 100 – 2P

Supply Function: Qs = 3P

a) Solve for the equilibrium price and quantity.

b) If the Supply function changes to

Supply Function = 10 + 3P while the demand function remains unchanged.

Solve of for the new equilibrium price and quantity. Offer an explanation as to why this change may have occurred. Limit your response to a maximum of 50 words.

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