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Calculate the equilibrium market price and quantity

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Reference no: EM132617403

Suppose that you are managing the forex bureau of a bank that faces a perfectly competitive market comprising of 18 identical commercial banks. Suppose, further, that the market demand (Qd) for US dollars and the supply (Qs) functions for the same are given below:

Qd=170,000,000-2,000,000P

Qs=70,000,000+500,000P

Problem i. Calculate the equilibrium market price and quantity of US dollars?

Problem ii. Given your answer in (i), how much foreign currency will be supplied by each bank in the industry?

Reference no: EM132617403

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