economics
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?
asked by
ARul
Respond to this Question
Similar Questions

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 
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 
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 
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) 
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 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? Our instructor said it was 440 but how do 
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 
Economics
I have to draw some Supply/demand curves and I want to know if they are right Personal computers: more userfriendly software become available and the costs of inputs are reduced. Supply moves to the right, demand moves to the 
macroeconomics
I am not sure how to draw the graphs can anyone help answer this question for me? Suppose that the supply schedule of Maine lobster is as follows: Price of Lobster Quantity of lobster supplied (Per Pound) (Pounds) $25 800 20 700 
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? a) The elasticity of