Answer to Question #268788 in Microeconomics for ella

Question #268788

consider market in which demand and supply equations are given by the following equations :

Qd = 400- 20P

Qs = 40P- 200

calculate the equilibrum price

Expert's answer

At equilibrium price:

"Qd=Qs"

"400-20P=40P-200"

"400+200=40P+20P"

"600=60P"

"P=10"

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the v
2. If the production function is given by f(x1, x2) = min{x1, x2} +min{x3, x4}, what is the minimum cos
3. 49. A firm in a competitive market that seeks to maximize profits should employ workers to the point
4. The consumer's utility is given by u(x,y)=16x-3√√x+y. The price of good 2 is normalized to
5. Consider the following productivities in Table 1: TABLE 1: ZAMBIA- MALAWI TRADE PATTERNSServices Man
6. 7. What is the basic economic problem and what its implication on the life of its individual especia
7. 1. How are the four factors production used in satisfying wants and needs of an individual with unst