Q1) Assume a market of a specific good. The demand and supply equation is as shown below: P = 70 - 30. P=5+ 20s 1. Find the equilibrium price 2. Find the equilibrium quantity 3. Find the demand price elasticities at the equilibrium

Q1) Assume a market of a specific good. The demand and supply equation is as shown below: P = 70 - 30. P=5+ 20s 1. Find the equilibrium price 2. Find the equilibrium quantity 3. Find the demand price elasticities at the equilibrium

Name: Homework 2Q1) Assume a market of a specific good. The demand and supp
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Description: Homework 2Q1) Assume a market of a specific good. The demand and supply equation is as shown below:Pp = 70 – 3QDPs = 5 + 2QsFind the equilibrium price2. Find the equilibrium quantity3. Find the demand price elasticities at the equilibrium1.4. Find t

MACROECONOMICS FOR TODAY

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ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter4: Markets In Action

Section: Chapter Questions

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Homework 2
Q1) Assume a market of a specific good. The demand and supply equation is as shown below:
Pp = 70 – 3QD
Ps = 5 + 2Qs
Find the equilibrium price
2. Find the equilibrium quantity
3. Find the demand price elasticities at the equilibrium
1.
4. Find the supply price elasticities at the equilibrium
5. Find the Consumer Surplus
6. Find the Producer Surplus

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The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.