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forsale [732]
4 years ago
11

1. Consider the market for compact discs. Suppose the following are the demand and supply

Business
1 answer:
GrogVix [38]4 years ago
8 0

Answer:

a. The equilibrium price is $19 and the equilibrium quantity is 55 units.

b. The quantity will be 50 units at $20 price.

Explanation:

Given the demand function, Qa= 150 - 5P

The supply function, Qs = 17 + 2P

At the equilibrium point, the demand is equal to supply.

Demand = Supply

Qa = Qs

150 – 5P = 17 + 2P

150 – 17 = 2P+5P

133 = 7P

P = 19

Now insert P = 19 in Qa= 150 - 5P

Qa= 150 – 5(19)

Qa = 55

The equilibrium price is $19 and the equilibrium quantity is 55 units.

b. If the price is $20 then the quantity will be:

Qa= 150 - 5P

Qa= 150 – 5(20)

Qa = 50 units

The quantity will be 50 units at $20 price.

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Answer:

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Answer:

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Solution

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