EBK MICROECONOMICS
EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Chapter 1, Problem 1.8P
To determine

Equilibrium price.

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Suppose the demand equation for shale gas is Qd=10P^-1.8 and the supply equations Qs=2P^0.2What is the equilibrium price and equilibrium quantity?
Suppose that the demand for a concert is represented by the following equation, where P is the price of concert tickets and QD is the quantity of tickets demanded:QD = 2200  - 24PThe supply of tickets is represented by the equation where P is the price of the tickets and QS is the quantity of tickets supplied:QS = -500 +79PGive all answers to two decimals. 1.  Find the equilibrium price and quantity of tickets sold.  2.  Calculate the consumer surplus and producer surplus at the equilibrium price and quantity. Use the formula for the area of a triangle, (½ × base × height), to calculate each value.
The demand for gasoline is represented by: P = -0.9 Qd + 6.1 The supply of gasoline is represented by: P = 1.40s + 3.3 Calculate the equilibrium quantity and enter the answer using 1 decimal place.
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