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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Suppose that workers in the souvenir manufacturing industry unionize. This shifts the supply of labor in the souvenir manufacturing sector to the left and shifts the supply of labor in the hospitality sector to the right.
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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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Illustrate the market for a good by drawing the industry's demand and supply curves. On the graph, identify the equilibrium price and the equilibrium quantity. Be sure to label all axes and curves.
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