demand and supply, Microeconomics

Assignment Help:
the demand and supply functions for goods are given by demand:Pd=50-3Qds and supply:Ps=14=1.5Qs. where p is the price of a pair of jeans, Q is the number of pairs of jeans
a) calculate the equilibrium price and quantity
b)calculate the level of excess supply(Qs-Qd) when P=38
c)calculate the level of excess demand(Qs-Qd) when P=20
d)calculate the profit made on the black market if the maximum price is $20 per pairs imposed

Related Discussions:- demand and supply

Which of the following statements is true?, Nonmetals tend to gain electron...

Nonmetals tend to gain electrons. A-Metals tend to lose electrons. B-Atoms have the natural tendency to C-fill their outermost shells. All of the above. D-

Determine the nature of the reflected wave, A spherical wave is reflected f...

A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as

Consumer choice - revealed preferences, Consumer Choice   * Decision mak...

Consumer Choice   * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures

Causes of slow growth - structure of national income, CAUSES OF SLOW GROWTH...

CAUSES OF SLOW GROWTH: A recent empirical study seeks to explain statistically the variations in inter-country growth rates. The global pattern of growth is shown to depend on

Preference to non-debt creating capital flows, Preference to Non-debt Creat...

Preference to Non-debt Creating Capital Flows: The most important element of strategy has been the paradigm shift in the attitude towards inflow of capital from abroad. Capit

Growth of production, GROWTH OF PRODUCTION: The performance of Indian ...

GROWTH OF PRODUCTION: The performance of Indian agriculture during more than half a century of planned economic development can be broadly characterised by three distinct phas

Describe the trade triangles, Steel and aluminum production Steel Canada 50...

Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full

What is modern economics, What is Modern Economics? Modern Economics: ...

What is Modern Economics? Modern Economics: Modern economics mostly developed within last sixty years, methodically studies individuals’ economic behavior as well as econo

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd