Q3. Let D(x) and S(x) represent, respectively, the Demand and Supply functions, for a certain commodity, where y is the unit price and x is the number of items for that unit price. For the given Demand and Supply functions. Demand: D(x) = y = -2x + 100 Supply: S(x) = y = x² + 4x – 60 a) Find the equilibrium quantity (if it exists) [5pts] b) Find the equilibrium price. [5pts] c) For which values of x, market has shortage. [5pts] d) For which values of x, market has surplus. [5pts] e) Draw the graphs of demand and supply functions on the same coordinate systems. [5pts] |

Q3. Let D(x) and S(x) represent, respectively, the Demand and Supply functions, for a certain commodity, where y is the unit price and x is the number of items for that unit price. For the given Demand and Supply functions. Demand: D(x) = y = -2x + 100 Supply: S(x) = y = x² + 4x – 60 a) Find the equilibrium quantity (if it exists) [5pts] b) Find the equilibrium price. [5pts] c) For which values of x, market has shortage. [5pts] d) For which values of x, market has surplus. [5pts] e) Draw the graphs of demand and supply functions on the same coordinate systems. [5pts] |

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 8WNG

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