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

Rent, what is modern theory

what is modern theory

The demand curve, The owner of the sole stage-theatre in the city of Vorder...

The owner of the sole stage-theatre in the city of Vordervilla has found through   experience that the cost of running his 600-seat theatre remains virtually the same irrespective

Shortrun, the short run can be defined as any period of time

the short run can be defined as any period of time

Non-existence of objective probability distributions, Non-existence of Obje...

Non-existence of Objective Probability Distributions :   Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact

#titlefree trade and protectionsm .., why is international trade important ...

why is international trade important for south africa

Determine the cost efficient levels of emissions reduction, Determine the C...

Determine the Cost Efficient Levels of Emissions Reduction Two firms produce a pollutant called Q.  The total cost of reducing emissions of Q are as follows for Firm 1 and Fir

AREC 1, Equation (1) gives a hypothetical demand curve for hybrid vehicles ...

Equation (1) gives a hypothetical demand curve for hybrid vehicles in the United States during the year 2000, where Q is the quantity demanded and P is the price. Equation (2) giv

Tariff, Tariff: A tariff is a tax imposed on the purchase of imports. It is...

Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting

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