Determine the equilibrium quantity and price


Assignment:

Please read these problems carefully and provide your full detail explanation. The Due date for this writing assignment is April 13 and the cut of date would be April 13. After this date no paper will accepted. Use Microsoft word and MLA format for this homework. If you cannot use Excel to graph the Demand and Supply , then graph them by hand and scan it and attach it. This writing assignment has 15% of total grade per syllabus. If I cannot open any attachment file you will receive zero. Please use Microsoft Word and not any other internet link that cannot opened. If you have any question please e-mail me.

Mohammad Moghadassian

Assume that demand for a commodity is represented by the equation P = 20 - 0.6 Q d, and supply by the equation P = 10 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condition Qs = Qd

1: Solve the equations to determine equilibrium price.

2: Now determine equilibrium quantity.

3: Graph the two equations to substantiate your answers and label these two graphs as D1 and S1.

4: Furthermore; using demand and supply show what happen to equilibrium price and quantity if eating this product causes cardiac problem.

Solution Preview :

Prepared by a verified Expert
Microeconomics: Determine the equilibrium quantity and price
Reference No:- TGS02982473

Now Priced at $30 (50% Discount)

Recommended (91%)

Rated (4.3/5)