(A) From the Graph HWI-Q1, please construct the direct linear Qs (P) and Qd (P) functions (assuming that the market price is P3 and market quantity is Q1.) Also solve for P* and Q* mathematically. (B) Graph both schedules (that you just built in Problem 1A) and label the market-clearing price and quantity along with their equilibrium point on YOUR OWN graph WITH GREAT CARE! (C) Please fill empty cells for Table HWI-Q1 below -with values for Qs (P), Qd (P), (Qs - Qd) and to indicate whether P moves UP/DOWN/NC (No Change).
(A) From the Graph HWI-Q1, please construct the direct linear Qs (P) and Qd (P) functions (assuming that the market price is P3 and market quantity is Q1.) Also solve for P* and Q* mathematically. (B) Graph both schedules (that you just built in Problem 1A) and label the market-clearing price and quantity along with their equilibrium point on YOUR OWN graph WITH GREAT CARE! (C) Please fill empty cells for Table HWI-Q1 below -with values for Qs (P), Qd (P), (Qs - Qd) and to indicate whether P moves UP/DOWN/NC (No Change).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
(A) From the Graph HWI-Q1, please construct the direct linear Qs (P) and Qd (P) functions
(assuming that the market
mathematically.
(B) Graph both schedules (that you just built in Problem 1A) and label the market-clearing
price and quantity along with their equilibrium point on YOUR OWN graph WITH GREAT CARE!
(C) Please fill empty cells for Table HWI-Q1 below -with values for Qs (P), Qd (P), (Qs - Qd)
and to indicate whether P moves UP/DOWN/NC (No Change).
Transcribed Image Text:Price
P4
P3
P2
P1
0
-
Graph: HW1-Q1
Q1 Q2
S₁
! D₁
Q3
$2
D2
Graph HW1-Q1 (Given)
P1 = $8.00
P2= $13.00
P3= $18.00
P4= $23.00
Q1 = 60
02= 80
03= 100
Quantity
(thousands)
Transcribed Image Text:~ 34567
1 Price
2
A
8
market
10
15
20
25
30
Qs
B
Qd
C
D
E
Price
Moves
up/down
Qs-Qd /Nc
LL
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