Solve for the equilibrium price and quantity by hand

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Reference no: EM131242303

1) In the market for vitamins, QD = 176 – 4P and QS = 10P – 20 .

(a) Solve for the equilibrium price and quantity “by hand”.

(b) Now create a graph in Excel showing the market supply and demand curves, and the equilibrium. Include a title on the graph that says “[First Name]’s Graph”

2) An individual has a budget constraint of $28. The price of healthcare is $2 and the price of all other goods is $4.

(a) Graph their budget constraint.

(b) Label the axes. In other words, indicate whether the X axis is healthcare or all other goods.

Reference no: EM131242303

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Solve for the equilibrium price and quantity by hand : In the market for vitamins, QD = 176 – 4P and QS = 10P – 20. Solve for the equilibrium price and quantity “by hand”. An individual has a budget constraint of $28. The price of healthcare is $2 and the price of all other goods is $4.

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