Given the following equations: • Qdx = 71 – 4Px • Qsx = 2P, + 5 %3D Submit. Date: • Required: a) Find demand and supply tables. b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically. d) Draw the equilibrium graphically

Given the following equations: • Qdx = 71 – 4Px • Qsx = 2P, + 5 %3D Submit. Date: • Required: a) Find demand and supply tables. b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically. d) Draw the equilibrium graphically

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The prices are 1,2 and 3

Solve required (D)

Homework No1
Given the following equations:
Qdx = 71 - 4Px
%3D
• Qsx = 2Px + 5
Submit. Date:
Required:
a) Find demand and supply tables.
b) Find demand and supply curves
c) Find the equilibrium price and quantity mathematically.
d) Draw the equilibrium graphically
18

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Follow-up Questions

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Follow-up Question

At the market price in part a, the net gain to consumers when 10,000 units are purch

ased is $__________.

d) At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.

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