Question

1. Suppose the market demand for Good is given by the equation Qd = 1000 – 20P, and market
supply is given by the equation Qs = 500 +30P, then
A. Find quantity demanded and quantity supplied when the price of good X = Br. 12. Is there a
surplus or shortage in the production of Good X? What should happen to the price of Good
X?
B. Find the equilibrium price for good X by equating
C. Calculate the price elasticity of demand and supply at equilibrium (interpret the value )​

Answer 1

Answer:

Solution: Suppose the market demand for good X is given by the equation Qd = 1000 – 20p ; and market supply is given by the equation Qs = 500 +30p a) Quantity demanded =760 Quantity supplied = 860

Explanation:

Hope it helps you

Answer 2

Answer:

Suppose the market demand for good X is given by the equation

Qd= 1000 - 20p

and market supply is given by the equation

Qs = 500 + 30p

A. Quantity demanded =760 Quantity upplied = 860