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 theory of consumer behavior, explain the theory of consumer behavior f...

explain the theory of consumer behavior from the utility perspective

Microeconomics, when the demand function is 2Q-24+3P=0,find the marginal re...

when the demand function is 2Q-24+3P=0,find the marginal revenue when Q=3.

Perfect competition in neoclassical economics, Q. Perfect Competition in ne...

Q. Perfect Competition in neoclassical economics? Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can i

General, A tax imposed on a market with an inelastic demand and an elastic ...

A tax imposed on a market with an inelastic demand and an elastic supply will cause

Ramsey pricing, give assumption, rules/formulas and demonstrate that ramsey...

give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.

Intermediate macroeconomics, Suppose a government uses an expansionary fisc...

Suppose a government uses an expansionary fiscal policy to get out of a recession. Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.

Microeconomics, define and explain the concept of social efficent productio...

define and explain the concept of social efficent production

What is climate change, Q. What is Climate Change? Climate Change:As a ...

Q. What is Climate Change? Climate Change:As a consequence of cumulative emission of carbon dioxide (a by-product of fossil fuel use) and other chemicals over past two centurie

Distributive bargaining, Distributive Bargaining An approach to negoti...

Distributive Bargaining An approach to negotiation that finds to divide up a fixed amount of resources.

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