Find the equilibrium quantity and equilibrium price

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Reference no: EM132206130

1. Let one? week's supply and demand functions for gasoline be given by p=D(q)=288−5/2q and p=S(q)=3/2q?, where p is the price in dollars and q is the number of? 42-gallon barrels. ?(a) Graph these equations on the same axes. ?(b) Find the equilibrium quantity. ?(c) Find the equilibrium price.

2. If inputs decrease by 6% and outputs decrease by 20%, what is the percentage change in productivity?

Hint: assume old inputs and old outputs to be 1.

Reference no: EM132206130

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