Given the following individual demand and supply equations for onions: Qd = 40 - 3P Qs = -20 + 5P Requirements: QD = Qd x number of consumers A. 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 sellers B. Compute for the market supply (QS) of onions assuming there are 500 sellers in the market Answer 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 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.

Given the following individual demand and supply equations for onions: Qd = 40 - 3P Qs = -20 + 5P Requirements: QD = Qd x number of consumers A. 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 sellers B. Compute for the market supply (QS) of onions assuming there are 500 sellers in the market Answer 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 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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