Answer:
Car loan, Student loan, Home loan are examples of necessary loans.
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Answer:
a.
P = $3.50 per gallon
b.
Equilibrium Quantity = 165 million gallons
Explanation:
a.
The equilibrium price is the price at which Quantity demanded equals quantity supplied. To calculate the equilibrium price using the given equations for demand and supply, we need to equate both equations.
<u>Equilibrium Price (P) calculation</u>
QD = QS
200 - 10P = -10 + 50P
200 + 10 = 50P + 10P
210 = 60P
P = 210 / 60
P = $3.50 per gallon
b.
The equilibrium quantity can be calculated by inserting the value of Price (P) in any of the equation for demand or supply.
Equilibrium Quantity = 200 - 10(3.50)
Equilibrium Quantity = 200 - 35
Equilibrium Quantity = 165 million gallons
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Answer:
greater; higher than
Explanation:
Here is the complete question
If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats
.a. greater; higher than
b. less; higher than
c. greater; lower than
d. less; the same as
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
If the demand for aisle seats exceeds the demand for middle seats, it means that equilibrium price for aisle seat would exceed equilibrium price
