Answer to Question #323186 in Microeconomics for Zia

Question #323186

Qd = 960 – 30P ; Qs = 60 + 60P *

Expert's answer

Q"_d" = 960 – 30P

Q"_s"= 60 + 60P

At Equilibrium, "Q_s= Q_d"

960 – 30P=60 + 60P

90P= 900

P= 10

Q= 960-30(10)

= 960-300

= 660

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. 4. Suppose that in a year an American worker can produce 80 shirts or 30 computers and a Chinese wor
2. 1. Maria can read 15 pages of economics in an hour. She can also read 40 pages of sociology in an ho
3. A market consists of two individuals . Their demand equations are:P= 4 - 0.25Q1 and P = 10 - 0.5Q2a
4. 1) When the demand function is 2Q - 24 + 3P = 0, calculate the price elasticity of demand when P = 4
5. Suppose the market is in equilibrium – which of the following will always result in an increase in
6. What is the rationale behind the rationing system for allocation of scarce resources?
7. You are an analyst employed by a yacht manufacturer that last year sold 30,000 luxury yachts at $500