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3 years ago

The demand function for pork is:

Business

1 answer:

nekit [7.7K]3 years ago

7 0

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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