Calculate the equilibrium price and equilibrium quantity

Assignment Help Econometrics

Reference no: EM13222534

The following relations describe the supply and the demand.

Qd = 50 - P; Qs = 0.5P-10

a. Plot the supply and demand curves
b. Calculate the equilibrium price and equilibrium quantity.
c. Suppose the government imposes a price ceiling of $30 in this market.
Determine mathematically and graphically the loss of social welfare.

Reference no: EM13222534

Questions Cloud

Compare the rate of economic growth at economys diff states : Provide an economic explanation of EACH of the changes you have shown in your diagram above. Be sure to discuss any adjustment process that occurs during the transition period from the economy's initial steady state to its final steady state.

Explain what will be the concentration of reactant : A first-order reaction had a rate constant , k , of 0.0123 1/s. If the initial concentration of reactant is 1.25M , what will be the concentration of reactant after 10 minutes?

What steps in evolution of new products are most important : How does the marketing environment affect a firm's marketing strategy and what steps in the evolution of new products are most important? Which are least important? Defend your choices.

Explain the initial concentration of one of the reactants a : In an experiment conducted last Tuesday, the time it takes for a certain reaction to proceed seems to be related to the initial concentration of one of the reactants A.

Calculate the equilibrium price and equilibrium quantity : a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare.

Define how many ppm of nitrate ion are contained : How many ppm of Pb2 ion are contained in this solution? How many ppm of nitrate ion are contained in the same solution?

How much would the firm have to increase its advertising : A travel company has hired a management consulting company to analyze demand in 26 regional markets for one of its major products: a guided tour to a particular country. The equation for the quantity demanded is Q = 1500 - 4p + 5A + 10I + 3Px

Develop an environmental scanning exercise : Develop an environmental scanning exercise on your selected organization. (Singapore Airlines) The exercise should cover items contained in the remote or general operating environment.

State major disadvantage of using concentrated sulfuric acid : What is the major disadvantage of using concentrated sulfuric acid (or hydrochloric acid) rather than 85% phosphoric acid for the dehydration of alcohols?

User Account

All Pages