Find equilibrium price and equilibrium quantity

Assignment Help Business Economics

Reference no: EM1369065

Q. Suppose demand and supply for koby beef are described by following equations: QD = -150P + 500; QS= 100+100P, where P is price in dollars, QD is quantity demanded in thousands of pounds per year and QS is quantity supplied in thousands of pounds per year.

a. Find equilibrium price and equilibrium quantity by solving equations mathematically.

Suppose a Research study is published showing that koby beef increases risk for a heart attack resulting in a reduction of 150 pounds of koby beef consumption per year.

b. Determine new equilibrium price and quantity by solving equations mathematically.

Reference no: EM1369065

Questions Cloud

What is optimal strategy : if Bob bids $ 5, Alice bids $ 6 and Bob n passes, Alice gets $ 20 and pays $ 6 to auctioneer and Bob pays auctioneer $ 5. Both have $ 100 to bid. What is optimal strategy.

Using probing and alternative questions in questionnaire : It is possible to utilize probing and alternative questions in questionnaire. Explain how you could include probing or alternative sets of questions in a questionnaire.

Effects of interest rates on consumer borrowing : The world major central banks, including the U.S. Federal Reserve, European Central Bank, Bank of England and Bank of Japan, conducted a joint policy action on 11/30/11 inject liquidity into global financial markets.

Issue of job discrimination and affirmative action : Describe and defend your arguments concerning affirmative action and "reverse discrimination.

Find equilibrium price and equilibrium quantity : Find equilibrium price and equilibrium quantity by solving equations mathematically. Suppose a Research study is published showing that koby beef increases risk for a heart attack resulting in a reduction of 150 pounds of koby beef consumption per..

What is the net force and direction of the net force : A 25000 kg rocket ship accelerates upwards by reason of constant 1.25MH of thrust from its engine. A simple pendulum on the ship is observed to complete 100 full swings in 75 seconds. What is the length of string.

Differences between a team and non-team environment : Explain the cultural differences between a team and non-team environment and what is a High Performance Team (HPT)?

What is the potential energy of third charge : A point charge q1=4nC is placed at the origin, and a second point charge q2= -3nC is placed on the x-axis at x= 20 cm. A third point charge q3=2.00 nC is to be placed on the x-axis between q1 and q2.

What is john'' opportunity cost of producing corn. : Suppose that two people, Mary and John each live alone in an isolated region. y each have same resources available and y grow corn and raise pigs. What is John' opportunity cost of producing corn.

User Account

All Pages