Calculate the equilibrium quantity

Assignment Help Business Economics
Reference no: EM13798686

Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity.

Reference no: EM13798686

Questions Cloud

Producer surplus by moving areas assigned to each seller : Joey, David, Tracy, and Surly own one track bicycle apiece, and they\'ve each modified to sell them as fixed-gear bikes or \"fixies.\" Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, Tracy at $200, and ..
Economic actors in the economic circular flow diagram : Please describe the actions of the economic actors in the economic circular flow diagram and the physical and monetary transactions that occur in each market of circular flow diagram. What is the circular flow diagram describing? Please explain the t..
Producer surplus is the difference between : Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
Calculate the equilibrium quantity : Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity.
What would be the quantity traded : Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90-0.20Q. If there is a price floor of 2.94, what would be the quantity traded?
Using PPPs for making international comparisons : GDP per capital (nominal) would be the actual cash of the average person in the given country has per year. It equals GDP divide by the population. What is the alternative to using PPPs for making international comparisons? This answer will likely ex..
Should sports leagues be allowed to remain as cartels : Should sports leagues be allowed to remain as cartels? More than 100 years ago, the American legislative leaders decided that it was necessary to pass laws prohibiting "...any combinations or conspiracies in restraint of trade." However, the professi..
Often businesses look at short term return on investment : Too often businesses look at short term return on investment (usually one to four quarters), and they miss longer term strategic goals. A great example of this was the choice by Toyota and Honda to embark on developing hybrid technologies twenty year..

Reviews

Write a Review

Business Economics Questions & Answers

  How would you describe the market structure of world coffee

Can you think of any reasons why? How would you describe the market structure of the world coffee market: is it competitive or not? Present your arguments.

  Consider participating in a sealed-bid second price auction

Assume you consider participating in a sealed-bid second price auction for a vintage car in which the winner of the auction (the bidder who submits the highest bid) only has to pay the second highest bid that was submitted.

  Short notes on business ethics

The environment and healthcare are very important aspects of our lives, as discussed in your textbook. However, it is still unclear whether corporations should focus on these as rights or as privileges.

  Illustrate what is the marginal cost of a string

Illustrate what is the marginal cost of a string. Calculate marginal revenue and marginal cost for each quantity.

  The marginal product of any input in the production process

The marginal product of any input in the production process is the increase in the quantity of output produced from one additional unit of that input. As a manager, what are some practical things you could do to raise marginal product per employee th..

  Illustrate and explain how each market value of us dollar

illustrate and explain how each of following would affect market value of US dollar. Canada experiences severe deflation. US engages in an expansionary monetary policy.

  What is lowest average a student can receive to earn an a

He decides to assign his grades for his current course such that top 15% of students receive an A. What is lowest average a student can receive to earn an A.

  Why do you think this price control exists

Identify an instance where a price control is used in our markets. Why do you think this price control exists? Also discuss the possible negative effects it may have on the market

  Property of diminishing marginal product

Which of the following possibilities is consistent with the property of diminishing marginal product.

  What institutions are playing a role in greeces future

Greece is trying to re-establish its power within a complex system of regional and international organizations. Describe Greece's situation. What institutions are playing a role in Greece's future? Are there other institutions and factors affecting t..

  Determine the income elasticity of demand

Determine the income elasticity of demand, and state whether good X is a normal or inferior good. d. Determine the own advertising elasticity of demand.

  Who financially benefits from innovation

Suppose vehicle is introduced into a central business district (CBD), doubling speed of travel for information exchange. Who financially benefits from innovation.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd