Active learning (3) » 1. The demand function for a certain product is q=20-2p, and the supply function is q=3p-5. What is the equilibrium price? • 2. The conditions are the same as in question 1. Now the government sets the price floor p’=3. How much is the excess demand (or supply) ? How about when p’=6?

Active learning (3) » 1. The demand function for a certain product is q=20-2p, and the supply function is q=3p-5. What is the equilibrium price? • 2. The conditions are the same as in question 1. Now the government sets the price floor p’=3. How much is the excess demand (or supply) ? How about when p’=6?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the results
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Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Thousands of Bushels Demanded Price per Bushel Thousands of Bushels Supplied Surplus (+) or Shortage (-) 88 $3.40 65 81 3.70 71 75 4.00 75 70 4.30 78 66 4.60 80 63 4.90 81 a. What is the equilibrium price in this market? At what price is there neither a shortage nor a surplus? b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity. Instructions: Enter all numeric values without a minus sign. c. How big is the surplus or shortage at $3.40? There is a of How big is the surplus or shortage at $4.90? There is a of d. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? e. How big a surplus or shortage results if the price is 30 cents lower than the…
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Answer part a, b and d only.... Quick
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