Homework Help: Managerial Economics

Posted by Eric on Monday, October 8, 2007 at 3:01pm.

The following relations describe the supply and demand for posters.

Qd = 65,000 – 10,000 P
Qs = -35,000 + 15,000P

Where Q is the quantity and P is the price of a poster, in dollars.
a. Complete the following table.

Price Qs Qd Surplus or Shortage
$6.00
5.00
4.00
3.00
2.00
1.00

b. What is the equilibrium price?

Managerial Economics - economyst, Tuesday, October 9, 2007 at 8:43am
Use algebra then take a shot.
Hint: a surplus occurs when Qs>Qd, a shortage occurs when Qs<Qd, and equilibrium is when Qs=Qd. Plug the various prices into P and solve.
Managerial Economics - hyla, Saturday, July 5, 2008 at 3:48am
3.oo

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