Saturday

October 25, 2014

October 25, 2014

Posted by **shannon** on Saturday, February 17, 2007 at 11:18pm.

Suppose that a market is described by the following supply and demand equations:

- supply and demand -
**Anonymous**, Sunday, October 20, 2013 at 10:34amQuestion 2 Suppose the demand and supply for milk is describe by the following equations: QD= 600 – 100P; QS=-150+150P,where P is price in dollars, QD is quantity demanded in millions of gallons per year, and QS is quantity supplied in millions of gallons per year. Create demand and supply tables corresponding to these equations. (4 marks) Graph supply and demand and determine equilibrium price and quantity. (5 marks) Confirm your answer to (b) by solving the equations mathematically. (3 marks) Would government set price of $4 create surplus or shortage of the milk? How much? Is $4 a price ceiling or a price floor? (3 marks)

**Answer this Question**

**Related Questions**

ecomonics - I am trying to understand the math part of supply and demand . I am ...

home economics - Graphing : Mooville is a small town in texas. assume that beef ...

Mircoeconomics: Elasticity - Please help! I have a mid-term test in a couple of ...

econ - demand and supply - just a few questions that would like to double check ...

economics - If a country such as Europe sells their saved dollars as a result in...

econ - I was wondering if someone had to do a supply and demand curve for the ...

economics - in the simple economics of a competitive market price increases ...

economics - 1. Suppose that the market of laptops is given by following supply ...

Econ - How does the aggregate goods and services market differ from the regular...

economics - Can you please exlain to me if I'm wrong not just correct me. ps. ...