Homework No1 Given the following equations: • Qdk = 71-4P • Qsx = 2P, + 5 The prices are 1,2 and 3 • Required : a ) Find demand and supply tables . b) Find demand and supply curves . c) Find the equilibrium price and quantity mathematically. d ) Draw the equilibrium graphically

Homework No1 Given the following equations: • Qdk = 71-4P • Qsx = 2P, + 5 The prices are 1,2 and 3 • Required : a ) Find demand and supply tables . b) Find demand and supply curves . c) Find the equilibrium price and quantity mathematically. d ) Draw the equilibrium graphically

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Homework No1 Given the following equations:

• Qdk = 71-4P
• Qsx = 2P, + 5

The prices are 1,2 and 3

• Required :

a ) Find demand and supply tables .

b) Find demand and supply curves .

c) Find the equilibrium price and quantity mathematically.

d ) Draw the equilibrium graphically

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