What is equilibrium price and quantity

Assignment Help Business Economics

Reference no: EM131004837

Please show work, steps taken, and explain how the answer was found.

Let’s say that there are 25 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 1.25q + 12.5. If the market demand curve equals Q= 750 - 30P, what is equilibrium price and quantity, and how much does each individual firm produce in equilibrium?

Reference no: EM131004837

Questions Cloud

Discuss the multiplier effect it had on the economy : Refferring to the 10-yer historical period 1990 to 2000,discuss an example of a change in autonomous spending. Research a government policy implemented during that time and discuss the multiplier effect it had on the economy. Make sure your work is c..

Categorize the cost of inflation : Because inflation has risen, the J.Crew clothing company decides to issue a new catalog monthly rather than quarterly. Grandpa buys an annuity for $100,000 from an insurance company, which promises to pay him $10,000 a year for the rest of his life. ..

Example of intellectual? property : Which of the following is NOT an example of intellectual? property?

Find the equilibrium market quantity and price : Let’s say there are 50 firms in a perfectly competitive market, each with firm supply curves of q=0.6P -15. Market demand is given by Q= 1250 - 20P. Find the equilibrium market quantity and price.

What is equilibrium price and quantity : Let’s say that there are 25 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 1.25q + 12.5. If the market demand curve equals Q= 750 - 30P, what is equilibrium price and quantity, and how much does each indi..

Find the representative firms short-run supply curve : Suppose a representative firm in a perfectly competitive market has short-run total costs of TC = q2-50q+1000. Find the representative firm’s short-run supply curve. Find the market supply curve if there are 350 firms in the industry..

How much does each individual firm produce in equilibrium : Now let’s say that there are 100 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 2q+10. If the market demand curve equals Q=1000 - 25P, what is equilibrium price and quantity, and how much does each indiv..

Calculated by tallying all final expenditures in an economy : GDP is typically calculated by tallying all final expenditures in an economy, but it can also be calculated by adding income. Pick a product and give an example of how that product's contribution to GDP could be calculated using income.

What is the maximal utility level : Jenny consumes 3 different goods X, Y and Z. Her corresponding utility function is U(X,Y,Z) = 2XY + 4Y + Z^2 . If Px = Py = $1, Pz = $2, and Jenny’s budget is $38, how much of X, Y and Z, should Jenny purchase? What is the maximal utility level that ..

User Account

All Pages