ECON 2100 Quiz: ECON 2100 Kennesaw State Quiz1 ECON2100 Summer2009 Section06
Document Summary
Consider a market in which demand is summarized by the demand function. ) and supply is summarized by the supply function. Based upon the specified demand function and the specified supply function, at a price of : quantity demanded is equal to units and. Since quantity supplied is greater than quantity demanded at this price, it follows that at this price there is. Showing all relevant work, determine the equilibrium quantity of trade in this market. (2 points) The equilibrium in this market occurs the unique price at which quantity demanded is equal to quantity supplied. From her it follows that the equilibrium quantity of trade is the quantity demanded and the quantity supplied (which must be equal to each other) at this unique market clearing price: q pd.
