Suppose that the demand for Duff beer is given by q= 100 - 5p, while supply is gliven by q = 10 + 5p. Then, the equilibrlum price and quantity areOp=5, q =50Ep= 55, q =9Op=9, q =55Op = 50, q =5

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Suppose that the demand for Duff beer is given by q= 100 - 5p, while supply is given by q= 10 • Sp. Then, the equilibrium price and quantity are Op=5, q =50 p= 55, q =9 Op=9,q =55 Op= 50, q =5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.

Question

Suppose that the demand for Duff beer is given by q= 100 - 5p, while supply is gliven by q = 10 + 5p. Then, the equilibrlum price and quantity are
Op=5, q =50
Ep= 55, q =9
Op=9, q =55
Op = 50, q =5

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Please explain as detail as possible, thanks.