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

The supply function, price quantity 10 60 20 70 30 90 40 110 50 130 der...

price quantity 10 60 20 70 30 90 40 110 50 130 derived a supply function for the relation between price and quantity

Explain the human development index, Explain the Human Development Index ...

Explain the Human Development Index Introduced by the UN in 1990, the index take into account not only the goods and services formed but also the ability of a population to use

Creating mobile telephone infrastructure, Creating Mobile Telephone Infrast...

Creating Mobile Telephone Infrastructure: The second concept of subsidising the telecom infrastructure required for providing services in rural and remote areas is designed to

What is gross domestic product per capita, Q. What is Gross Domestic Produc...

Q. What is Gross Domestic Product Per Capita? Gross Domestic Product, Per Capita: Level of GDP divided by the population of a region or country. Changes in real GDP per capita

Economic Question , 4) The prevention of major swings in economic activity ...

4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector

Determine the change in unemployment - okun''s law, 1. Utilize Okun's law ...

1. Utilize Okun's law to answer the questions below; u t  - u t-1  = -0.4(g yt  - 3%) Assuming u t-1  = 7% a. Calculate the change in u (u t  - u t-1 ) for each of the follo

CONSUMER BEHAVIOR, DISCUSS THE HICKSIAN & SLUTSKIAN APPROACH TO CONSUMER BE...

DISCUSS THE HICKSIAN & SLUTSKIAN APPROACH TO CONSUMER BEHAVIOR WHERE THERE IS CHANGE IN PRICE OF ONE GOOD GIVEN TWO GOODS

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