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Economics
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13 Dec 2019

The following relations describe the supply ancl demand for posters.

Qd = 65,000 - IO, OOO P

Qs = 35,000 + 15, OOO P

where Q is the quantity and P is the price of a poster, in dollars.

a. Complete the following table.
Price Qs Qp Surplus or shortage
6
5
4
3
2
1

b. What is the equilibrium price?

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Beverley SmithLv2
17 Dec 2019
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3. Demand, Supply, consumer surplus, and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum
QD + 92 - 2Px (Demand)
QS = -16 + Px (Supply)
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Complete the following table:
A.
What is the condition for market equilibrium?
B
Calculate the market equilibrium price and equilibrium output?
C.
What is the inverse demand curve P = f (QD)?
D.
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E.
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F.
Compute the producer surplus at the equilibrium price.
Suppose that demand and supply for textbooks can be described by the following equations:
 
Qs=150+2P
Qd=510-P
 
Where P is the price in dollars and Q is the quantity in units.
 
1. Determine algebraically the equilibrium price and quantity?
 
2.suppose that the price to be fixed at $110. Determine algebraically the surplus or shortage that would result?
 
3. Discuss the differences in elasticity of supply and elasticity of demand?

QD = Quantity Demanded QS = Quantity Supplied P = Price

1. If QD = 390 – 2P AND QS = -60 + 3P, find the equilibrium price and quantity.

2. If price is equal to $100, is there a shortage or a surplus? Please explain your answer.

3. Find the Consumer Surplus and the Producer Surplus at equilibrium.

4. Calculate the Total Surplus. Is it at its maximum?

5. If the price is equal to $87, what happens to the Consumer Surplus and the Producer Surplus?

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