Equating demand and supply functions to find surplus and, Ask an Expert

Economics

Equating demand and supply functions to find surplus and shortage.

1. In a competitive market, the market demand is Qd = 60 - 6P and the market supply is Qs = 4P. A price ceiling of $3 will result in

a) A shortage of 18 units.

b) A surplus of 12 units.

c) A surplus of 30 units.

d) A shortage of 30 units.

e) neither a shortage nor a surplus.

2. In a competitive market, the market demand is Qd = 70 - 3P and the market supply is Qs = 6P. A price ceiling of $4 will result in

a) A surplus of 58 units.

b) A shortage of 34 units.

c) A shortage of 24 units.

d) A surplus of 34 units.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M917849

Have any Question?Write your Review or question?

Related Questions in Business Economics

A how can use the criteria for evaluating alternative

a) How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget. b) In the case tax is most important revenue proposals of the 201 ...

Problema new software package is being developed and tested

PROBLEM A new software package is being developed and tested to help analysts reduce the time required to design, develop, and implement a new information system. To evaluate the benefits of the new software package, a r ...

Sixty percent of households say they would feel secure if

Sixty percent of households say they would feel secure if they had? $50,000 in savings. You randomly select 8households and ask them if they would feel secure if they had? $50,000 in savings. Find the probability that th ...

What is the types of cost fixed variable and marginal in

What is the types of cost: fixed, variable, and marginal in economics, and methods that market power alters the relationship between a firm's costs and the price at which it sells its product?

Suppose a retailer claims that the average wait time for a

Suppose a retailer claims that the average wait time for a customer on its support line is 179 seconds. A random sample of 57 customers had an average wait time of 169 seconds. Assume the population standard deviation fo ...

We just signed a lease contract in a 200000 sf office

We just signed a lease contract in a 200,000 SF office building complex for $25/SF/year with rents paid in arrears (at the end of the year) annually. The rent will increase by 3% per year. The discount rate is 10%/year. ...

A governments department of transportation reported that in

A? government's department of transportation reported that in? 2009, airline A led all domestic airlines in? on-time arrivals for domestic? flights, with a rate of 83?%. Complete parts a through e below. a. What is the p ...

What is a survey and pros and cons of using this method to

What is a Survey and pros and cons of using this method to collect data are? Have you done a survey? How successful were your results?

Suppose that third national bank has reserves of 20000 and

Suppose that Third National Bank has reserves of $20,000 and check able deposits of $200,000. The reserve ratio is 10 percent. The bank sells $20,000 in securities to the Federal Reserve Bank in its district, receiving a ...

A manufacturer of cereal has a machine that when working

A manufacturer of cereal has a machine that, when working properly, puts 20 ounces of cereal on average into a box with a standard deviation of 1 ounce. Every morning workers weigh 25 filled boxes. If the average weight ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert