Q11 An economist estimates that a market has a **demand curve** of the form P = 38 - (1.27)Q and a **supply curve** of the form P = 7 + (1.78)Q. (See the curves graphed in the figure below.) She estimates that if the market price is P = ____ then there will be an excess product (a surplus) on the market of ____ units.### Graph Description- **Axes**: The vertical axis represents the price (P), and the horizontal axis represents the quantity (Q).- **Curves**: - The **demand curve** is shown as a downward-sloping line in blue, indicating a negative relationship between price and quantity demanded. - The **supply curve** is represented by an upward-sloping line in red, indicating a positive relationship between price and quantity supplied.- **Equilibrium**: - **Pe** and **Qe** indicate the equilibrium price and quantity where the supply and demand curves intersect at point E.### Multiple Choice Options- **A.** $27.70; 3.52- **B.** $21.50; 10.16- **C.** $22.16; 2.05- **D.** $25.09; 4.846

Equilibrium is achieved at the output level where Qs equals Qd.

An economist estimates that a market has a demand curve of the form P = 38 - (1.27) Q and a supply curve of the form P = 7+ (1.78) Q. (See the curves graphed in the figure below.) She estim P= then there will be an excess product (a surplus) on the market of units. Demand Qe O A. $27.70; 3.52 O B. $21.50; 10.16

An economist estimates that a market has a demand curve of the form P = 38 - (1.27) Q and a supply curve of the form P = 7+ (1.78) Q. (See the curves graphed in the figure below.) She estim P= then there will be an excess product (a surplus) on the market of units. Demand Qe O A. $27.70; 3.52 O B. $21.50; 10.16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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