Please answer question C, D and E only Given the following individual demand and supply equations for onions:Qd = 40 - 3PQs = -20 + 5PRequirements:QD = Qd x number of consumersA. Compute for the market demand (QD) of onions assuming there are 5000 consumers in the market.Answer must be a linear equation.Hint:QS = Qs x number of sellersB. Compute for the market supply (QS) of onions assuming there are 500 sellers in the marketAnswer must be a linear equation.Hint:C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q)Answer must be in 2 decimal places for P and whole number for QHint:Equate QD and QSD. If price increases by P 0.50, will there be surplus or shortage? By how many units?E. Present your answer in Requirement C and D graphically (in one graph only)All curves, axes and points must be labeled properly to get full points.

Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q) Answer must be in 2 decimal places for P and whole number for Q Hint: Equate QD and QS D. If price increases by P 0.50, will there be surplus or shortage? By how many units? E. Present your answer in Requirement C and D graphically (in one graph only) All curves, axes and points must be labeled properly to get full points.

C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q) Answer must be in 2 decimal places for P and whole number for Q Hint: Equate QD and QS D. If price increases by P 0.50, will there be surplus or shortage? By how many units? E. Present your answer in Requirement C and D graphically (in one graph only) All curves, axes and points must be labeled properly to get full points.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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