Monday
March 30, 2015

Homework Help: Economics*Micro

Posted by SadBob on Saturday, February 14, 2009 at 10:25pm.

A market has the following demand and supply equations:
Qd = -50P + 1000
Qs = 150P - 400
Which of the following statements is true?
a. If the price were $9, a surplus of 300 units would exist and price would tend to fall.
b. If the price were $3, a shortage of 800 units would exist and price would tend to rise.
c. The equilibrium price and quantity, respectively are $8 and 600 units.
d. The equilibrium price and quantity, respectively are $6 and 500 units.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

economics - Suppose the supply and demand for milk is described by the following...
economics - 1. Suppose that the market of laptops is given by following supply ...
economics - Suppose we have the following market supply and demand schedules for...
Economics - An early freeze in CA sours the lemon crop, What happens to consumer...
ECON - I am working on this but, if I have part a and b wrong, all of the ...
economics - Producer surplus is shown graphically as the area: under the demand ...
Managerial Economics - The following relations describe the supply and demand ...
economics - in the simple economics of a competitive market price increase under...
economics - Can you please exlain to me if I'm wrong not just correct me. ps. ...
Microeconomics - Answer the following questions based on the graph that ...

Members