Answer:
a person who works at a full-service grocery store
Answer:
Equilibrium price= $3
Equilibrium quantity= 500 tons
Explanation:
At equilibrium, quantity demanded is equal to quantity supplied.
It was give that Income= $50,000
So Qd= 300- 100p +0.01(50,000)
Qd= 300- 100p + 500= 800- 100p
Also Cost is given as $5
So Qs= 200+ 150p- 30(5)
Qs= 200+150p- 150= 50+ 150p
At equilibrium Qd= Qs
800-100p= 50+ 150p
Rearranging you get
800-50= 100p+ 150p
750= 250p
750/250= p
$3= p
This is the equilibrium price, subsititute p in equation Qd= 800- 100p
Qd= 800- 100(3)
Qd= 800- 300= 500 tons
So 500 is the equilibrium quantity
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