1 In a competitive market, the industry demand and supply curves are P= 200 - .2Qd and P = 100 + .3Qs, respectively. Find the market’s equilibrium price and output
1
Expert's answer
2017-02-28T11:18:05-0500
If in a competitive market, the industry demand and supply curves are P = 200 - 0.2Qd and P = 100 + 0.3Qs, respectively, then the market’s equilibrium price and output are in the point, where Qd = QS, so: 200 - 0.2Q = 100 + 0.3Q, 0.5Q = 100, Q = 200 units. P = 200 - 0.2*100 = $180.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment