What is the equilibrium price and quantity

Assignment Help Econometrics

Reference no: EM13180249

The following equations show market demand and supply, respectively:

Qd = 10,000 - 1,000P

Qs = -2,000 + 1,000P

What is the equilibrium price and quantity in this market?

Reference no: EM13180249

Questions Cloud

Use five classes to determine the class width : The following data represent the length (in months) of time it takes for a tumor to reoccur after chemotherapy. Use five classes to determine the class width.

Identify the critical point to the nearest hundredth : graph y=2x^2+3x-2 in graphmatica and determine if it has a maximum or a minimum, identify the critical point to the nearest hundredth.

What are the dimensions of the largest area : The owner of the Rancho Grande has 2972 yd of fencing with which to enclose a rectangular piece of grazing land situated along the straight portion of a river. If fencing is not required along the river, what are the dimensions of the largest area..

What it the totla amount of fica tax : Edward worked at three jobs during 2011. he earned 40,000, 37,000 and 9,000 respectively from the jobs and claimed three allowances on each of his W-4's. What it the totla amount of FICA tax that would have been withheld for Edwards wages?

What is the equilibrium price and quantity : The following equations show market demand and supply, respectively: Qd = 10,000 - 1,000P Qs = -2,000 + 1,000P What is the equilibrium price and quantity in this market?

Calculate the change in welfare compared to the free market : If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..

Find the airspeed of the plane and the speed of the wind : An airplane flying into a headwind travels 216 miles in 2 hours and 42 minutes. On the return flight, the distance is traveled in 2 hours. Find the airspeed of the plane and the speed of the wind, assuming that both remain constant.

How the perpetual and periodic inventory systems differ : Explain whether users of financial statements should exercise caution when interpreting financial statement compliant with GAAP and explain how the choice of depreciation method affects reported profits.

Find the flow rates in and out of the pipes : When one outlet pipe is closed, it takes 5 hours to fill the tank. Find the flow rates (in gallons per hours) in and out of the pipes.

User Account

All Pages