What are the equilibrium price and quantity

Reference no: EM13303571

Suppose the demand for good X is given by Qd = 60 -2Px + 0.01M + 7 PR where Qd = quantity of X demanded; Px price of X; M = (average) consumer income; PR = price of a related good R.

Assume that M = $40,000 and PR = $20. Assume that the supply function is given by Qs = -600 + Px.

What are the equilibrium price and quantity?

Reference no: EM13303571

Questions Cloud

Determine acceleration a of frame which will cause tension : The steel ball is suspended from the accelerating frame by the two cords A and B. Determine the acceleration a of the frame which will cause the tension in A to be twice that in B.

What is the beat frequency that you hear : You are driving a car which is heading 20 m/s towards a brick wall. You sound a horn which emits at a frequency of 400 Hz when at rest. What is the beat frequency that you hear

Determine the magnitude of p if 10 seconds is required : A 20 kg package is at rest on an incline when a force P is applied to it. Determine the magnitude of P if 10 seconds is required for the package to travel 5 m up the incline. The static and kinetic coefficients of friction between the package and ..

Determine the frequency of the resulting oscillation : An ideal massless spring is hanging vertically. When an unknown mass is attached to the spring, What is the frequency of the resulting oscillation

What are the equilibrium price and quantity : Suppose the demand for good X is given by Qd = 60 -2Px + 0.01M + 7 PR where Qd = quantity of X demanded; Px price of X; M = (average) consumer income; PR = price of a related good R.

Find the financial statements for nike : Write a DETAILED analysis and comparison of the income statement items and differences between the two. Be sure to explain why the common-size statement is helpful in this analysis.

What is the difference between u.s.gaap and ifrs : What is the difference between u.s.GAAP and IFRS in measuring intangible assets?

What is the frequency of the fundamental mode : You sing into a well and find that the well resonates at frequencies of 198 Hz and 234 Hz with no resonances between these two frequencies. What is the frequency of the fundamental mode

Determine what is the coefficient of static friction : A block begins to slide down a ramp after being elevated to an angle of 47.5 degrees. What is the coefficient of static friction

User Account

All Pages