Determine the new equilibrium price and quantity

Assignment Help Microeconomics

Reference no: EM132151849

Question: Given the following supply and demand equations

Qd = 100 - 5P

Qs = 10 + 5P

where Q and Qs represent the quantities demanded and supplied, respectively, and P is the price.

a. Determine the equilibrium price and quantity

b. If the government sets a minimum price of $10 per unit, how many units would be supplied and how many would be demanded? How could the government maintain this minimum price?

c. If the government sets a maximum price of $5 per unit, how many units would be supplied and how many would be demanded?

d. If demand increases to

Q'd = 200 - 5P

determine the new equilibrium price and quantity.

Reference no: EM132151849

Questions Cloud

Should the government intervene on drug price regulation : Should the government intervene on drug price regulation if the life-saving drug is too expensive for consumers? Outline the issues impacting the industry.

Quicksort that pivots on the first element : Consider a variant of Quicksort that pivots on the first element, and creates a subarray with everything less than the first elements

How a leader might exert influence-using transparency : Explain what you believe to be the most appropriate level of transparency for an organization.

Describe in detail some of the aspects of dns related : Describe in detail some of the aspects of DNS related to windows server 2016 including zones, records, commands, etc. explain how DNS is installed

Determine the new equilibrium price and quantity : If the government sets a minimum price of $10 per unit, how many units would be supplied and how many would be demanded? How could the government maintain.

Setup to control security and access : Your Windows 2016 domain is setup to control security and access. When would you allow users to have access to their local computer at an administrative level?

Identify and discuss the stakeholders : Research and select a program evaluation within the education field or directly related to your profession.

Data forwarding enabled : Consider the following pipelined SRC, with data forwarding enabled. A series of assembly language instructions are listed. Carefully follow the execution

Describe the technically competent leader : Describe the technically competent leader you want to become and be in a health organization. What is unique about your description?

User Account

All Pages