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Introduction to Economics - Question 1 The equation for demand and supply functions are given as: QD= 100 - 5P QS= 5P The market equilibrium price and quantity of widget corn can be determined by equating the demand and supply functions- 100 - 5P = 5P 10P = 100 P = 10 Q = 5*10 = 50 The market equilibrium price is $10 and the equilibrium quantity is 50 units. Consumer surplus can be calculated as the area of t…
Answer 1 a. Demand Equation: P = 200 – 0.4Qd Supply Equation: P = 20 + 0.5Qs In order to find equilibrium point: 200 – 0.4Q=20 + 0.5Q 200-20=0.4Q+0.5Q 180=0.9Q 180/0.9= Q 200=Q In order to find the equilibrium price: P= 200 – 0.4(200) P=200-80 P=120 So, equilibrium price is equivalent to 120 and equilibrium quantity is equivalent to 200 of apricots. b. To determine where the dem…
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