1. The quantity demanded for coats depends on the price, according to this formula: quantity demanded = Qd = 250-3P The quantity supplied depends on the price, according to this formula: quantity supplied = Qs = 10 + 5P Fill in the table showing the quantity supplied and the quantity de- manded for each possible price. Identify what is the price that makes the quantity supplied equal to quantity demanded. Example: if P = 5, then and Qa=250-3 × 5 = 250 - 15 = 235 Qs = 10 + 5 x 5 = 10 + 25 = 35
1. The quantity demanded for coats depends on the price, according to this formula: quantity demanded = Qd = 250-3P The quantity supplied depends on the price, according to this formula: quantity supplied = Qs = 10 + 5P Fill in the table showing the quantity supplied and the quantity de- manded for each possible price. Identify what is the price that makes the quantity supplied equal to quantity demanded. Example: if P = 5, then and Qa=250-3 × 5 = 250 - 15 = 235 Qs = 10 + 5 x 5 = 10 + 25 = 35
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Help me answer questions 1 and 2! Please and thank you
Transcribed Image Text:P
5
10
15
20
25
30
35
40
45
50
55
Qa
Qs
60
2. Make a graph of the supply and demand diagram, by putting a mark
on the graph corresponding to each point in the table above, and then
connect all of the demand curve points, and then connect all of the
supply curve points. Be sure to label each axis and each curve.
Transcribed Image Text:Part A
1. The quantity demanded for coats depends on the price, according to
this formula:
quantity demanded = Qd = 250 - 3P
The quantity supplied depends on the price, according to this formula:
quantity supplied = Qs = 10 + 5P
Fill in the table showing the quantity supplied and the quantity de-
manded for each possible price. Identify what is the price that makes
the quantity supplied equal to quantity demanded.
Example: if P = 5, then
and
Qd = 250-3 x 5 = 250-15 235
=
Qs = 10 + 5 x 5 = 10 + 25 = 35
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