Figure out the equilibrium price and demand
Demand and supply of wheat are:
Qd=2000-1000p and Qs = -500 + 1000pWhere Q is millions of bushels and P is price per bushel.How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
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Use the demand function: P = 30 - 2Q And the marginal cost function: MC = 20 to determine P and Q for profit maximization. Then, suppose a government subsidy of $6 per unit is imposed.
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How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
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