Explanation Given information: The demand curve for a product is given by q = 120000 − 500 p and the supply curve is given by q = 1000 p for 0 ≤ q ≤ 120000 where price is in dollars. At a price of $100, Concept Used: The quantity, q of an item that is manufactured and sold depend on its price, p. As the price increases, manufacturers are usually willing to supply more of the product, whereas the quantity demanded by consumers falls. The supply curve, for a given item, relates the quantity, q, of the item that manufacturers are willing to make per unit time to the price, p, for which the item can be sold. The demand curve relates the quantity, q, of an item demanded by consumers per unit time to the price, p, of the item. Economists often think of the quantities supplied and demanded as functions of price. However, for historical reasons, the economists put price (the independent variable) on the vertical axis and quantity (the dependent variable) on the horizontal axis. (The reason for this state of affairs is that economists originally took price to be the dependent variable and put it on the vertical axis. Later, when the point of view changed, the axes did not.) Equilibrium Price and Quantity: If we plot the supply and demand curves on the same axes, the graphs cross at the equilibrium point. The values p* and q* at this point are called the equilibrium price and equilibrium quantity, respectively. It is assumed that the market naturally settles to this equilibrium point. To determine (b) To find: Equilibrium price and quantity

6th Edition

ISBN: 9781119399322

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 1.4, Problem 32P

To determine

(a)

To find:

The quantity consumers willing to buy and producers willing to supply at the given price and determine whether the market push prices up or down to reach equilibrium price.

To determine

(b)

To find:

Equilibrium price and quantity

Expert Solution & Answer

Chapter 1 Solutions

APPLIED CALCULUS (WILEY PLUS)

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(a) To find: The quantity consumers willing to buy and producers willing to supply at the given price and determine whether the market push prices up or down to reach equilibrium price.

Solution Summary: The author analyzes how the market pushes prices up or down to reach equilibrium price. The supply curve relates the quantity of an item that is manufactured and sold to the price, p.