Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

demand for a commodity is represented by the equation P=10-0.2Qd Supply is represented by the equation P=2+0.2Qs where Q d and Q s are quantity

demand for a commodity is represented by the equation

P=10-0.2Qd

Supply is represented by the equation

P=2+0.2Qs

whereQ_dandQ_sare quantity demanded and quantity supplied, respectively, andPis price.

a. Using the equilibrium conditionQ_s=Q_d, determine equilibrium price.

b. Now determine equilibrium quantity.

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

Recommended Textbook for

Public Administration And Law

Authors: David H Rosenbloom, Rosemary O'Leary, Joshua M Chanin

3rd Edition

1439803986, 9781439803981

More Books

Students also viewed these Economics questions

Question

★★★★★

How would you describe the pricing approaches used by Beyond Fleece when it started and as it grew?

Answered: 1 week ago

Question

★★★★★

What new challenges will organisations face in managing performance in the years to come?

Answered: 1 week ago

Question

★★★★★

Identify the questions needed to critically analyze evaluation studies based on the Program Evaluation Standards (Yarbrough et al., 2011).

Answered: 1 week ago

Question

★★★★★

Richardson Services Ltd. was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Shareholders invested 50,000 cash in exchange for ordinary...

Answered: 1 week ago

Question

★★★★★

Which of the following is a permanent account? Select one: A. Supplies Expense B. Service Fees Earned C. Cash Dividends D. Retained Earnings

Answered: 1 week ago

Question

★★★★★

(Reversing and Permanent Differences, Future Taxable Amount, No Beginning Deferred Taxes) Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at...

Answered: 1 week ago

Question

★★★★★

Innovation and Strategic Posture FOR NETFLIX: The process of innovation include improving products and actions inside and outside of the organization for all stakeholders. Therefore, the management...

Answered: 1 week ago

Question

★★★★★

It was 1989, a beautiful fall day in San Francisco. The World Series was just getting underway in Candlestick Park; and then, the ground began to shake! Across the city, a banquet was just getting...

Answered: 1 week ago

Question

★★★★★

Canada Importers is a Canadian firm based out of Mississauga Ontario. It was founded in 1979 and imports many different types of products. The company is looking to expand and has found that there is...

Answered: 1 week ago

Question

★★★★★

4. The data below pertains to the earnings of Juan Manuel for the week ended June 15, 2020: 3 points Hours and rate Earnings to date Overtime rate 42 hours worked at P40/hr P14.00 1 and times the...

Answered: 1 week ago

Question

★★★★★

Give the assumption or principle that would have been violated if the following entries or information had not been given: 1 . A owner of 3 different businesses wants to combine all of them into one...

Answered: 1 week ago

Question

★★★★★

18. In the statements below, put a cross for the statement you feel characterizes yourself best when you communicate with others. Its not necessarily the way you know you should communicate, but the...

Answered: 1 week ago

Question

★★★★★

10. What activities in your life best express the value you want others to associate with you?

Answered: 1 week ago

Question

★★★★★

7. Also complete the following sentence: This core value is important to me when I ________________________. This is the situation this core value is important to you we are looking for here.

Answered: 1 week ago

Previous Question Next Question