Friday
October 24, 2014

Homework Help: economics

Posted by Anonymous on Saturday, October 20, 2012 at 2:43pm.

1. Suppose that the market of laptops is given by following supply and demand curves given below:
Qd = 5000 − 3p
Qs = 1000 + p.

Answer the following questions on excel sheet using the above demand and supply equations.
i) Take the range of values for the price from $1 to $30 and calculate corresponding demand and supply quantities.
ii) Using the values computed above plot the graph of demand and supply curves on the same graph.
iii) Using the graph above find the market clearing price and quantity for the market of laptops.
iv) Compute the point demand and supply elasticity for all the values of demand and supply curve.
v) If the price of a laptop is set at $2000 then find the amount of laptops that producers will be willing to supply and amount of laptops consumers will be willing to buy at this price level. Will there be any surplus or shortage created at this price.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

CALCULUS ECONOMICS - Consider a market in which aggregate demand is given by ...
CALCULUS ECONOMICS - Consider an economy in which a monopolistic firm serves two...
Microeconomics [Urgent!] - I have an exam tomorrow and I really need to know how...
CALCULUS ECONOMICS - Consider an oligopolistic market with two firms. Each of ...
economics - Market demand is given as QD = 200 – 3P. Market supply is given as...
Economics HELP PLEASE!!!! - Can someone please help me with a hint to solve this...
Economics - Hi, The demand for inflatable garden gnomes is given by P = 300 2Q...
economics - 1. Chipo has the following utility function of 2 goods Pies (X) and ...
economics - 1. Chipo has the following utility function of 2 goods Pies (X) and ...
economics - 1. Chipo has the following utility function of 2 goods Pies (X) and ...

Search
Members