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postnew [5]
3 years ago
12

When p = $5, the quantity demanded of a good is 30 units, and the quantity supplied of the good is 50 units. For every $1 decrea

se in the price of this good, quantity demanded rises by 5 units and quantity supplied falls by 5 units. The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units?
Business
1 answer:
Neporo4naja [7]3 years ago
8 0

Answer: Equilibrium price is $3 and equilibrium quantity is 40 units.

Explanation:

Demand equation is given by,

Qd= a-bP When P=$5, Qd=30 30 = a – 5b Change in Quantity demanded =  Change in a – (b Change in P) 5 = 0 – b(-1) b=5 So, a = 55

Therefore the demand equation is given by, Qd= 55 – 5P

Supply equation is given by

Qs= c + dP When P=$5, Qs = 50 50 = c + 5d Change in Quantity supplied = Change in c + d(Change in P) -5 = 0 + d(-1) d=5 So, c=25

Therefore, the supply equation is given by,  

Qs= 25 + 5P

Equilibrium is given by

Qd=Qs 55 – 5P= 25 + 5P 30=10P P=$3 And  Equilibrium quantity is, Q= 55 – 5(3) = 55 – 15 = 40 units.

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