This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Using the supply and demand equations for wheat, solve for the equilibrium price and quantity as ... (Read 34 times)

2125004343

  • Hero Member
  • *****
  • Posts: 566
on: Jul 1, 2018
Using the supply and demand equations for wheat, solve for the equilibrium price and quantity as functions of I and r.
 
  What will be an ideal response?

Question 2

Government actions that create monopolies
 
  A) spur product innovation by the monopoly.
  B) create deadweight loss.
  C) result in lower average costs of production.
  D) ensure that firms price at marginal cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

l.stuut

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jul 1, 2018
Answer to Question 1

Setting QS = QD we get:
20r + 100p = 4000 - 100p + 10I
Solving for equilibrium price:
p = 20 + .05I - .1r
Plug this into either supply or demand to find equilibrium quantity
Q = 2000 + 5I + 10r

Answer to Question 2

B


2125004343

  • Member
  • Posts: 566
Reply 2 on: Jul 1, 2018
Excellent

31809pancho

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Comparison of reactions at equilibrium and steady state Comparison of reactions at equilibrium and steady state
Vapour-liquid equilibrium acetone + water Vapour-liquid equilibrium acetone + water
How to solve equations that contain radicals How to solve equations that contain radicals
How to set up and solve linear models (Question 2) How to set up and solve linear models (Question 2)
How to solve optimization problems in calculus (Question 8) How to solve optimization problems in calculus (Question 8)
Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene
Video: Membrane transport proteins - pores, gated channels and pumps

For a complete list of videos, visit our video library