Market demand function of commodity X is given as: DD, = 60 – 5P, where P, > 0 a) (5 points) Derive the Market Demand Schedule. [Hint: Assume different values of P. and find corresponding values for DD,] b) (5 points) Draw the market demand curve? What's the slope of the curve? c) (10 points) Using the market supply schedule from Problem 4b, determine the Market equilibrium quantity of X and market equilibrium price of X. Show the equilibrium Price and Quantity in a Diagram. d) (5 points) What happens when Pz is less than the equilibrium market price?

Market demand function of commodity X is given as: DD, = 60 – 5P, where P, > 0 a) (5 points) Derive the Market Demand Schedule. [Hint: Assume different values of P. and find corresponding values for DD,] b) (5 points) Draw the market demand curve? What's the slope of the curve? c) (10 points) Using the market supply schedule from Problem 4b, determine the Market equilibrium quantity of X and market equilibrium price of X. Show the equilibrium Price and Quantity in a Diagram. d) (5 points) What happens when Pz is less than the equilibrium market price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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