Find the equilibrium price and quantity, economics, Microeconomics

Find the equilibrium price and quantity, economics, Microeconomics

Assignment Help:

1. Assume that the market for wheat is perfectly competitive. Suppose the demand curve for wheat is given by:

QD = 200 – 2P

where QD is the quantity demanded, in bushels, and P is the price, in dollars per bushel. Suppose that the supply curve is given by:

QS = P – 10,

for values of P greater than or equal to 10, where QS is the quantity supplied, and QS = 0 when P < 0.

(1) Find the equilibrium price and quantity of wheat. Draw them in a clearly marked diagram.
(2) Suppose that unfavorable weather conditions shift the supply curve to the left, by 5 bushes of wheat at each price. Again find the equilibrium price and quantity, and draw the new equilibrium on the diagram you constructed for part (1).

Related Discussions:- Find the equilibrium price and quantity, economics

Utility functions, can you help me answer an economics question

can you help me answer an economics question

Explain key assumptions and desired properties, Explain the key assumptions...

Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study

International trade, compare and contrast adam smith''s theory of absolute ...

compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.

Health Reform, Healthcare Reform is currently in the news almost every day....

Healthcare Reform is currently in the news almost every day. The current approach proposes a government sponsored health insurance “market” to help control costs and make healthcar

supply, #question influence of an increase in migrant on market supply lab...

#question influence of an increase in migrant on market supply labour

Report, How much does it cost

How much does it cost

Marginal Value Product, how do I find the marginal value product?

how do I find the marginal value product?

Quality control - export strategy, Quality Control: Standards and sta...

Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration

THEORY OF PRODUCTION, SUMMARY OF THEORY OF PRODUCTION

SUMMARY OF THEORY OF PRODUCTION

Production possibilities curve, how to look a graph in different kind of pp...

how to look a graph in different kind of ppc in the graph when we see

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

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