1. Find the demand function.2. Find the supply function.3. Using the 2 functions, find and compute: a. equilibrium market price.b. compute the price that will result to a surplus of 9 units.c. compute the price that will result to a shortage of 3 units.d. equilibrium market price.4. If the price is set at 3.00, find the quantity to be demanded and supplied. From the given demand andsupply schedule:Price ofQdQs0.50902.501.508027.502.006040.002.505052.50

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Answered: Find the demand function. 2. Find the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Find the demand function.

2. Find the supply function.

3. Using the 2 functions, find and compute:

a. equilibrium market price.
b. compute the price that will result to a surplus of 9 units.
c. compute the price that will result to a shortage of 3 units.
d. equilibrium market price.

4. If the price is set at 3.00, find the quantity to be demanded and supplied.

From the given demand and
supply schedule:
Price of
Qd
Qs
0.50
90
2.50
1.50
80
27.50
2.00
60
40.00
2.50
50
52.50

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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