economics
posted by ARul .
Suppose the supply and demand for milk is described by the following equations: Qd=600100P,
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 corresponding to these equations.
B. Graph supply and demand and determine equilibrium price and quantity.
C. Confirm your answer to (b) by solving the equations mathematically.
D. Would a govt. set price of $4 create a surplus or a shortage of milk? How much?
Is $4 a price ceiling or a price floor?
Respond to this Question
Similar Questions

macroeconomics
I am not sure how to draw the graphs can anyone help answer this question for me? 
college/Agricultural policy
Find the price and quantity that will satisfy the condition fpr static efficiency in the use of water resources given the following demand and supply equations for water: Demand: P=600Q Supply: P=2+Q 
Agricultural Policy
Find the price and quantity that will satisfy the condition for static efficiency in the use of water resources given the following demand and supply equations for water: Demand: P=600Q Supply: P=2+Q 
home economics
Suppose that 200 gallons of gasoline are demanded at a particular price. If the price drops by 1 percent, the quantity demanded of gasoline increases to 200.5 gallon. which of the following statement is true? 
Economics
Annual demand and supply for the Entronics company is given by: QD = 5,000 + 0.5 I + 0.2 A  100P, and QS = 5000 + 100P where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure. a. … 
economics
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 … 
economics
Suppose the demand and supply for milk are described by the following equations: QD = 600  100P; QS = 150 + 150P, where P is price in dollars, Q D is quantity demanded in millions of gallons per year, and Q S is quantity supplied … 
Economics Supply and Demand
The demand function is Q=600P with P being the price paid by consumer. I know the first P is $400 and Pnet is 160. There is 40% co insurance,. How do I figure out the quantity demanded? 
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 … 
Economic Math
Suppose the supply and demand for milk is described by the following equations: Qd=600100P, 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 …