Question
1.EconomistshaveestimatedthatthesupplyforTubasfitsthefollowingfunction:Q S =2P+20, whiledemandforTubaslookslike:Q S =2P-20 a. Usingthisinformationfillinthetablebelow: Priceoftubas QuantityDemanded QuantitySupplied ShortageorSurplus? (ExcessSupplyorExcessDemand?) 0 10 30 80 40 b. Graphboththesupplycurveandthedemandcurve.Labelyouraxesandeverythingelseclearly. c. Inthismarket,whatistheequilibriumpriceandtheequilibriumquantity?Showyourwork. d.Graphicallyindicatewhathappenstoequilibriumpriceandquantityifsupplyincreases. Showthisclearlyonthe graph
1.EconomistshaveestimatedthatthesupplyforTubasfitsthefollowingfunction:QS=2P+20,
whiledemandforTubaslookslike:QS=2P-20
a. Usingthisinformationfillinthetablebelow:
| Priceoftubas | QuantityDemanded | QuantitySupplied | ShortageorSurplus? (ExcessSupplyorExcessDemand?) |
| 0 | |||
| 10 | |||
| 30 | 80 | ||
| 40 |
b. Graphboththesupplycurveandthedemandcurve.Labelyouraxesandeverythingelseclearly.
c. Inthismarket,whatistheequilibriumpriceandtheequilibriumquantity?Showyourwork.
d.Graphicallyindicatewhathappenstoequilibriumpriceandquantityifsupplyincreases.
Showthisclearlyonthe graph you draw.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Rural Development And Urban-Bound Migration In Mexico
Authors: Arthur Silvers, Pierre Crosson
1st Edition
1317270681, 9781317270683
