4a.) Let QDx 30 - 3*Px and Qsx=-10 + 2*Px. Given that, calculateequilibrium price and quantity.%3Db.) Calculate QDx and Qsx for a price one dollar greater thanequilibrium. Is this a shortage or surplus? Of how many units?

The equilibrium price is the only price where the plans of consumers and the plans of producers agree where the amount consumers want to buy of the product, Quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity. Here, we calculate the given as follow;GIVEN: a) QDX = 30 - 3Px QSX = -10 + 2Px So equllibrium price QDX = QSX 30 - 3Px = -10 + 2Px Px = 8 Quantity QDX = 30 - 3Px QDX = 30 - 3x8 QDX = 6 QSX = -10 + 2Px QSX = -10 + 2x8 QSX = 6 b) if Px value increases by 1 than new Px = 9 QDX = 30 - 3Px QD X= 30- 3x9 QDX = 3 QSX = -10 + 2Px QSX = -10+2x9 QSX = 8 QSX - QDX = 8-3 QSX - QDX = 5 So is the surplus by 5 units

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Ha.) Let QDx 30 - 3*Px and Qsx= -10 + 2*Px. Given that, calculate equilibrium price and quantity. %3D %3D b.) Calculate QDx and Qsx for a price one dollar greater than nauilik

Ha.) Let QDx 30 - 3Px and Qsx= -10 + 2Px. Given that, calculate equilibrium price and quantity. %3D %3D b.) Calculate QDx and Qsx for a price one dollar greater than nauilik

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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