Please solve accurate and fast please sir please all parts please i will rate it up. 1.Assume a market has the following demandand supply functions:Qp = 28-3PQs = 2P-12Where P is the pricea)Determine algebraically the equilibrium priceand quantity.b)Plot the demand and supply curves andconfirm your answer.Suppose supply shifts to Qs =2P – 2 with nochange no change in demand. Determine the newequilibrium price and quantity.d) Although the supply curve shifts to the rightby 10, the quantity exchanged does not rise by 10,explain why the increase in quantity is smaller.

Answer: Given, Demand function: QD=28-3P Supply function: QS=2P-12 (a). At equilibrium, the quantity…

1. Assume a market has the following demand and supply functions: QD = 28-3P Qs = 2P-12 Where P is the price a) Determine algebraically the equilibrium price and quantity. b) Plot the demand and supply curves and confirm your answer. c) Suppose supply shifts to Qs =2P – 2 with no change no change in demand. Determine the new equilibrium price and quantity. d) Although the supply curve shifts to the right by 10, the quantity exchanged does not rise by 10, explain why the increase in quantity is smaller.

1. Assume a market has the following demand and supply functions: QD = 28-3P Qs = 2P-12 Where P is the price a) Determine algebraically the equilibrium price and quantity. b) Plot the demand and supply curves and confirm your answer. c) Suppose supply shifts to Qs =2P – 2 with no change no change in demand. Determine the new equilibrium price and quantity. d) Although the supply curve shifts to the right by 10, the quantity exchanged does not rise by 10, explain why the increase in quantity is smaller.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...

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