Find the equilibrium price and quantity

Assignment Help Business Management
Reference no: EM132166541

a. Find the equilibrium price and quantity.

In equilibrium

Qd = Qs

298 -8 = -32 +4P

12P = 330

P = 330/12 = 27.5

In quantity

Q = 298 - (8 x 27.5) = 298 - 220 = 78

b. Sketch this market. [HINT: Be sure to draw the two curves carefully, using inverse demand and supply functions to calculate the quantity- and price-axes intercept points.]

c. Use the demand function to calculate consumer surplus.

d. Use the supply function to calculate producer surplus.

e. What is the total welfare to society?

Chose one event from problem 5 above that would affect demand and one event that would affect supply. Explain what would happen to equilibrium price and quantity if both events occur simultaneously.

Reference no: EM132166541

Questions Cloud

Conduct a succinct internal analysis of your organization : Conduct a succinct internal analysis of your organization. Explain if existing resources and capabilities are aligned to take advantage of opportunities.
Explain why microloans may be better at fostering : Identify one significant advantage that microloans have over savings groups and explain why microloans may be better at fostering growth
Will guest soon expect this technology at all hotels : Applications for your technology or trend in your hotel department. Explain how it will address the problem: who will benefit from it and how?
What are the strengths and weaknesses of each system : What are the strengths and weaknesses of each system? What, if any, privacy issues need to be considered with each system?
Find the equilibrium price and quantity : Sketch this market. [HINT: Be sure to draw the two curves carefully, using inverse demand and supply functions to calculate the quantity- and price-axes interce
Describe the types of information technology mechanisms : How the consumer can play a critical role in the supply chain is an important part of developing and implementing a strategy.
Dynamic nature of monopolistic competition : Provide an example of a firm or a small business from the real world that is surviving the dynamic nature of monopolistic competition
Bowing starts with promotions and transfers : To meet labor shortages within the company, Bowing starts with promotions and transfers.
Prepare the preliminary strategy audit using the tools : Prepare the preliminary strategy audit using the tools and framework you have focused on so far.

Reviews

Write a Review

Business Management Questions & Answers

  Question about tariffs

Question about Tariffs - How would you vote in this case? Explain in-depth.

  Perspective of appraisals

Describe your experience with performance appraisals and overall, have you discovered them motivating, de-motivating, a waste of time, or invaluable?

  Illustrate what is their yield to maturity

Interest is paid annually, the bonds have a $ 1,000 par value and the coupon interest rate is 10%. The bonds sell at a price of $ 850. Illustrate what is their yield to maturity?

  Manage change in organisation

Prepare an organisational change strategy based on low investment and maximum impact policy which will insure that core competencies are kept while a rapid reduction in staff and payroll are effected.

  Why organization need innovation

Need 200 word blog about why organization need innovation ?

  Professionals with disciplinary action

What impact do professionals with disciplinary action against their licenses have on the employers and consumers of healthcare?

  How each item impacts the values and culture of uber

In addition, describe how each item listed above impacts the values and culture of the UBER. Your paper must also follow the APA Style guide.

  Define the tax base for the self-employment tax

1. Define the tax base for the self-employment tax. When do Sole proprietors pay the self-employment tax to the federal government?

  Culture of a prospective international client

Knowing details about the culture of a prospective international client before a meeting assures a successful intercultural communication encounter. A Chinese businessman whom you have never met is coming to the United States to visit you. You and..

  Successful leadership qualitiesquestion 1 how can a person

successful leadership qualitiesquestion 1 how can a person become a successful leader by being humble?question 2 why is

  How can communication be improved in your organization

Organizational Behavior - How can communication be improved in your organization and Is the use of e-mail efficient or effective communication?

  Probability of selecting a random sample

Calculate the probability of selecting a random sample of 225 observations with a sample proportion of 0.54 or greater, if the sample population

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