economics

posted by .

assume that the demand and supplu equations for bushels of wheat are as follows
Qd=15-(3*P)
Qs=1+(4*P)

Also assume that, the equilibrium, Qd=Qs solve for equilibrium price by setting quanity demand equal to quanity supplied. what is the disequilibrim condition at prices of $150. $2.50.
I am having problems with this problem, please help

thank you


set 15-3P=1+4P. Solve for P (using algebra).

Plug in 1.5 for P in the supply and demand equations, What is Qd, what is Qs. Is there a surplus or shortage (hint: a shortage as quantity demanded exceeds quantity supplied). Repeat with 2.5 for P.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Microeconomics

    For each of the following situations for the egg market, describe what the impact on the equilibrium price and equilibrium quanity would be. 1-A sureon general warns that high-cholesterol foods cause heart attacks. - This would cause …
  2. home economics

    Graphing : Mooville is a small town in texas. assume that beef is a normal good. what happens to the amount of beef dfemanded or supplied in each of the following cases?
  3. ecomonics

    I am trying to understand the math part of supply and demand . I am not getting it,I really need help! The question is: The demand and supply functions for sweatshirts are as follows: DEMAND Supply Quanity Quanity demanded(per period) …
  4. weonomics

    Original quanity | new quantity . |price. |quanity supplied demanded demanded 40 12$ 80 45 11$ 75 50 10$ 70 55 9$ 65 60 8$ 60 65 7$ 55 70 6$ 50 75 5$ 45 1. what is the equilibrium price and quanity?
  5. Finite Math

    At a price of $ 1.94 per bushel, the supply corn in 9,800 million bushel and the demand is 9, 300 million bushel. At a price of $1.82 per bushel, the supply is 9,400 million bushels and the demand is 9, 500 million bushels. A, find …
  6. economics

    2. Suppose that the quantity of corn supplied depends on the price of corn, p; and the amount of rainfall, R: The demand for corn depends on the price of corn, p; and the level of income, Y: The equations that describe the supply and …
  7. economics

    Suppose the supply and demand for milk is described 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. A. Create supply and demand tables …
  8. micro economics

    1) Assume that the gold-mining industry is competitive. a) Illustrate a long-run equilibrium using diagrams for the gold market and for the a representative gold mine. b) Suppose that an increase in jewellery demand induces a a surge …
  9. economics

    Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10Pb + 3Y, where Qd is the quantity of bread demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in …
  10. economics 11

    The demand and supply schedules for milk are as follows: Price Quantity Demanded Quantity Supplied 10 0 125 8 20 95 6 40 65 4 60 35 2 80 5 a. On the same graph, draw the demand and supply curves. What does the demand curve for a product …

More Similar Questions