Question
Given the following information about the demand and supply for widgets in the Republic of Cow, answer the questions that follow: Qd = 1,000 -
Given the following information about the demand and supply for widgets in the Republic of Cow, answer the questions that follow: Qd = 1,000 - 200 P (Demand); Qs = - 200 + 200P (Supply), where Q = quantity in tons and P = price per ton in Cow dollars. Answer the following question-answer the questions in the order in which they appear and number your answers accordingly: (1) Determine the inverse demand function. (2) Determine the inverse supply function. (3) Determine the equilibrium price (Pe) and quantity (Qe). (4) Determine the demand choke price. (5) Determine the supply choke price. (6) Determine the demand intercept. (7) Determine the supply intercept. (8) Draw a diagram to illustrate your answer. Label the diagram completely.
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