Question
Assuming the equations for the demand and supply functions above are as follows: Qd = 300,000 - 1000P Qs = -10,000 + 5000P (a) From
Assuming the equations for the demand and supply functions above are as follows:
Qd = 300,000 - 1000P
Qs = -10,000 + 5000P
(a) From the above the equilibrium price is $ ________
(b) The equilibrium quantity. _________ Units
[Hint: at equilibrium, quantity supplied equals quantity demanded and show yourrationale.]
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Foundations of Macroeconomics
Authors: Robin Bade, Michael Parkin
6th edition
132831007, 978-0132831000
