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Author Question: Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the good is QS = 20P. Foreign ... (Read 96 times)

LaDunn

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on: Jul 1, 2018
Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the good is QS = 20P. Foreign producers can supply any quantity at a price (P) of 30.
 
  a. What is the domestic equilibrium price and quantity?
  b. At this domestic equilibrium price, how much of the good will be supplied by domestic producers and how much by foreign producers?

Question 2

The introduction of satellite television systems would cause the demand curve for cable television to be
 
  A) more elastic.
  B) less elastic.
  C) perfectly inelastic.
  D) unchanged.


mcarey591

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a. P = 30 and Q = 2250
b. Domestic producers supply 600 units and foreign producers supply 1650 units.

Answer to Question 2

A


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LaDunn

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Reply #2 on: Jul 1, 2018
Thank you :)


mcarey591

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Reply #3 on: Jul 1, 2018
Happy to help you


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