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using the equilibrium condition qs qd determine equilibrium price

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Garima Menon
Garima MenonLv7
4 Mar 2021
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Related questions

Assume that demand for a commodity is represented by the equation P=18-2Qd and supply is represented by the equation P=-2+2Qs.

Where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is the price.

Instructions: Round your answer for the price to 2 decimal places and enter your quantity as a whole number.

A. Using the equilibrium condition Qs = Qd, determine the equilibrium price.

B. Now determine equilibrium quantity.

3. Demand, Supply, consumer surplus, and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum
QD + 92 - 2Px (Demand)
QS = -16 + Px (Supply)
where Q is a quantity measured in pounds of scrap aluminum and P is the price in dollars.
Complete the following table:
A.
What is the condition for market equilibrium?
B
Calculate the market equilibrium price and equilibrium output?
C.
What is the inverse demand curve P = f (QD)?
D.
Compute the consumer surplus at the equilibrium price.
E.
What is the inverse supply curve P = f (Qs)?
F.
Compute the producer surplus at the equilibrium price.
QS Ā  Ā =Ā  3P
QD Ā =Ā  400āˆ’P

What is the equilibrium price and quantity?

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