Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Assume the market demand and supply curves for a good are given by

Qd = 60 - 3 P and Qs = -20 + 2 P

a. Solve algebraically for both the equilibrium price and equilibrium quantity in this market. Show all steps in your derivations.

b. Suppose the current market price of this good is P=$17. Determine (algebraically) the quantity demanded, the quantity supplied, and the magnitude of any market surplus or shortage at this price. Show all work in your calculations, and clearly state whether a surplus, shortage or equilibrium occurs at the current market price of P=$17.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945065

Have any Question?


Related Questions in Microeconomics

Question list and discuss the four economic goals presented

Question: List and discuss the four economic goals presented in class and in the textbook. Then discuss how the different pairs of goals are compatible(They work together)or competing. The response must be typed, single ...

Question 1 in the country of wiknam the velocity of money

Question: 1) In the country of Wiknam, the velocity of money is constant. Real GDP grows by 5 Percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real ...

Question by visiting the bureau of labor statistics website

Question: By visiting the Bureau of Labor Statistics website, find the latest unemployment rate available for your state (New Jersey 4.2% in Mar 2017). How does the unemployment rate of your state compare to that of the ...

Question why do you think the japanese government permitted

Question: Why do you think the Japanese government permitted the to become so overvalued in the first half of the 1990s? Do you think they could have done anything about it? When the turnaround finally did occur, the fel ...

Question - the following table summarizes some of key

Question - The following table summarizes some of key financial data for Copeland Corporation (unit: thousand dollars except ratio figures): Item Value Cash and marketable securities $10,000 Fixed assets $90,000 Sales $2 ...

Question this question is about the baumol-tobin model for

Question: This question is about the Baumol-Tobin model. For this question, state your answers in terms of income (Y), money holdings (M), interest (i), Number of trips to the bank (N), and cost of trips to the bank (F) ...

Question give some examples of third-degree price

Question: Give some examples of third-degree price discrimination. Can third-degree price discrimination be effective if the different groups of consumers have different levels of demand but the same price elasticities? ...

Question according to the definition of opportunity cost

Question: "According to the definition of opportunity cost, the more alternatives that we have given up in undertaking an action, the higher the opportunity cost." Please make a critical comment on this statement and exp ...

Question analyze the effect of an interest rate decrease on

Question: Analyze the effect of an interest rate decrease on a consumer who is currently a lender. Specifically, answer the following questions. A graph would be useful in your analysis. a. What happens to consumption to ...

Question inflation and unemploymentsuppose that the

Question: Inflation and unemployment Suppose that the government believes the economy is not producing goods and services at its optimal level. In an attempt to stimulate the economy, the government increases the quantit ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved