Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 3.A, Problem 19SQ
To determine

The result of 6 million pounds of supply in the economy.

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The demand and supply of some good are as follows: Qd = 3,000 - 20P Qs = 1,000 + 5P (a) Calculate the equilibrium price and the equilibrium quantity. (b) Calculate the consumer surplus at the equilibrium price and quantity. (c) Calculate the price elasticity of demand (at the equilibrium values).
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