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Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price?
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Suppose the demand and supply curves of what are given by. qd=200-p an...
Equilibrium Price and Quantity
Quantity Demanded and Supplied When p>Equilibrium Price
- The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
- Set the demand and supply equations equal to each other:
- 200-p = 120p
- 320p = 200
- p = 0.625
- The equilibrium price is $0.625.
- Substitute the equilibrium price into either the demand or supply equation to find the equilibrium quantity:
- qd = 200-0.625 = 199.375
- qs = 120(0.625) = 75
- The equilibrium quantity is 75.
Quantity Demanded and Supplied When p>Equilibrium Price
- When the price is above the equilibrium price, there is a surplus of supply.
- At prices above $0.625, the quantity supplied is greater than the quantity demanded.
- The quantity supplied can be found by substituting the price into the supply equation:
- qs = 120p
- When p = $1, qs = 120($1) = 120
- The quantity demanded can be found by substituting the price into the demand equation:
- qd = 200-p
- When p = $1, qd = 200-$1 = 199
- Therefore, when the price is $1, the quantity supplied is 120 and the quantity demanded is 199. This creates a surplus of 79 units.
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Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price?
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Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price?.
Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Suppose the demand and supply curves of what are given by. qd=200-p and qs=120 p. a. Find the equilibrium price. b. Find the equilibrium quantity of demand and supply. c. Find the quantity of demand and supply when p>equilibrium price?.
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