Suppose it is known that the number of goods "X" demanded and offered at two different price levels isas shown in the following table:PriceAmount Requested (Unit)Amount Offered (Unit)(IDR)12016018015024002000Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs)of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

1. Slope for demand function = (160-120)/(2000-2400) = 40/(-400) = -0.1 P = -0.1 x Quantity +…

Suppose known that the number of goods demanded and offered at two different price levels iS as shown in the following table: Amount Requested (Unit) Price (IDR) 2400 2000 Amount Offered (Unit) 120 180 160 150 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

Suppose known that the number of goods demanded and offered at two different price levels iS as shown in the following table: Amount Requested (Unit) Price (IDR) 2400 2000 Amount Offered (Unit) 120 180 160 150 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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Question

Suppose it is known that the number of goods "X" demanded and offered at two different price levels is
as shown in the following table:
Price
Amount Requested (Unit)
Amount Offered (Unit)
(IDR)
120
160
180
150
2400
2000
Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs)
of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!

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