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

Describe primary interests and theory of supply and demand, Part 1 - Sele...

Part 1 - Select a construction-based business of your choice and explain stakeholder theory to illustrate the primary interests of the stakeholder groups and identify any areas o

Production functions, suppose a firm''s total revenue depends on the amount...

suppose a firm''s total revenue depends on the amount produced (q) according to the function R= 70q-q2 total cost dependson q: C=q2+30q-q2

What is exchange rate, Q. What is Exchange Rate? Exchange Rate: The ‘pr...

Q. What is Exchange Rate? Exchange Rate: The ‘price' at which currency of one country can be converted into the currency of another country. A country's currency is ‘strong,'or

Nash equilibrium, Define Nash equilibrium and explain with the help of the ...

Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.

Paramagnetism, chemistry assignments ,  Some normally nonmagnetic substance...

chemistry assignments ,  Some normally nonmagnetic substances are attracted by a magnetic field and studies of these "paramagnetic" substances give information about the number of

Elasticity of demand, the price of a laptop increases by 20% and there is a...

the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded

The marketing system, Which of the following industries do you think are li...

Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga

Returns to scale, describe returns to scale and give examples of each.

describe returns to scale and give examples of each.

Cost theory, if marginal cost descreases then what else is effected by this...

if marginal cost descreases then what else is effected by this

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