Find the equilibrium price and quantity

Assignment Help Econometrics

Reference no: EM131094819

Consider the market for a good x.

a) Suppose that sons users do not buy any Good x at the price of $130, and for every $10 decrease in price, the quantity consumed increases by 20. write the equation for the demand curve of good x

b) Suppose that producers do not produce any of Good x at the price of $60,and for every $10 increase in price, the producers increase the quantity produced by 30. Write the equation for the supply curve for Good x

c) Find the equilibrium price and quantity

d) at what price does the market have a shortage of 40?

e) at what price does this market have a surplus of 60?

Reference no: EM131094819

Questions Cloud

Analyze how your general education courses influenced : Provide at least two personal examples or events in your life that illustrate the development of global citizenship based on the outcomes. Analyze how your general education courses influenced you to become a global citizen.

According to the imperfect-information model : According to the imperfect-information model, when the price level rises by the amount the producer expected it to rise, the producer:

Promote a particular look : Do you agree with Sauer's 21 Jump Street metaphor? What advice would you give A&F? Would you invest in the company? Are there other companies that promote a particular look?

Briefly discuss lewin change management model : 1. In 200 words or more, briefly discuss Lewin change management model and Kotter's eight-step change model. Compare and contrast the two models. Which do you believe is more effective? Why? Please cite all resources according to APA standards.

Find the equilibrium price and quantity : Find the equilibrium price and quantity

Removing the caboose cause decline in total employment : One of the demands of railroad in recent labor negotiations has been to eliminate the caboose from trains, cutting train crews from four to three. The unions have resisted this because of the loss of jobs. Are the unions right? Would removing the cab..

Basic differences from the employer viewpoint : a. What are the basic differences, from the employer's viewpoint, in operating in a union-free environment vs. a unionized environment? b. What are management representatives permitted to say and do during the campaign? What, if any, actions or s..

Both individual buyers and sellers in perfect competition : Which of the following is not a characteristic of a monopolistically competitive market structure? If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is. Both individual buyers and sellers i..

Homework assignment-principles of management : For this homework assignment, you will develop a supporting human resource (HR) plan for an organizational strategy. In a paper of three to four pages (750-1000 words) of text (not including the title or reference pages),

User Account

All Pages