For each of the following sets of supply and demand curves, calculate equilibrium price and quantity
a. QD = 1000 - P; QS = P
b. QD = 1500 - 2P; QS = 100 + 2P
c. QD = 2000 - 3P; QS = -300 + 3P
a. Q = 500, P = 500
b. Q = 800, P = 350
c. Q = 850, P = 383.33
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What statement below best describes how the environment is incorporated into the standard circular flow model?
A) The long-term availability of natural resources is considered B) The pollution generated by firms and households is considered C) The input of solar energy is considered D) Natural resources are considered as inputs into the production process E) The build-up of waste heat is considered
Assume that the marginal tax rate is 10 percent for the first $10,000 of income, 20 percent for income between $10,000 and $40,000, and 30 percent for any income over $40,000. If Jerome has taxable income equal to $60,000 for the year, what is his tax bill?
A. $6,000. B. $13,000. C. $18,000. D. $15,000.