economics
posted by Anonymous .
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.

economics 
Anonymous
ans
Respond to this Question
Similar Questions

supply and demand
I'm looking for help on the third part of this question. I've included preceding questions/answers to show where I'm at. I don't know what to do next. Suppose that a market is described by the following supply and demand equations: 
Managerial Economics
I need help with understanding this analysis. Suppose you are a stock market analyst. At Disney tourism has slowed down in the US. But at Six Flage two new rides are now operating. Using demand and supply analyss, predict the impact … 
Microeconomics [Urgent!]
I have an exam tomorrow and I really need to know how you get the following answers. Please show me! I know it's a lot of questions, but I don't understand how you get the answer...  40. At Nick's Bakery, the cost … 
Econ
How does the aggregate goods and services market differ from the regular (microeconomic) supply and demand market? 
economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. … 
economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. … 
economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. … 
Economics
Hi, The demand for inflatable garden gnomes is given by P = 300 – 2Q, while the supply of is P= 100 + Q/2. How many garden gnomes are traded in equilibrium? 
CALCULUS ECONOMICS
Consider a market in which aggregate demand is given by 1000−10p, and aggregate supply is given by 10p, where p denotes the market price. QUESTION: What is the maximum amount of revenue that the government can raise using a perunit … 
Economics
Suppose the market demand and supply are given by Qs = 50 + 3P and Qd = 300  4P. What is the equilibrium price?