Question linear supply amp demand functions and equilibrium, Ask an Expert

Economics

Question: Linear Supply & Demand Functions and Equilibrium Point

a) A company is willing to supply 120 clocks at a price of $80 each, but only 80 clocks at a price of $40 each. What is the Supply Function (price as a function of quantity)?

b) Consumers will buy 150 clocks at a price of $40 each, but only 50 clocks at a price of $80. What is the Demand Function (price as a function of quantity)?

c) What is the equilibrium quantity?

d) What is the equilibrium price?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M93116285

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