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Author Question: Consider a market characterized by the following demand and supply conditions: QD= 220 - p and QS= ... (Read 84 times)

haydenjmcm

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Question 1

Consider a market characterized by the following demand and supply conditions: QD = 220 - p and QS = 40 + 2p. The equilibrium quantity and price would then be
◦ Q = 220, p = 40.
◦ Q = 21, p = 49.
◦ Q = 160, p = 60.
◦ Q = 72, p = 63.
◦ Q = 60, p = 160.

Question 2

Consider a market characterized by the following demand and supply conditions: QD = 220 - p and QS = 40 + 2p. If the prevailing price on the market is $40, then
◦ the market is clearing.
◦ the market experiences a surplus of 220 units.
◦ the market experiences a shortage of 220 units.
◦ the market experiences a surplus of 60 units.
◦ the market experiences a shortage of 60 units.


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Marked as best answer by haydenjmcm on Oct 12, 2022

dude123

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haydenjmcm

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Reply 2 on: Oct 12, 2022
Gracias!


blakcmamba

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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