Question

Consider the following equations: Qd = 31 - 3P and Qs = 6 + 2P, where Qd = quantity demanded and Qs = quantity supplied, P = price
Demand Schedule
Price Quantity demanded
$250 1500
$200 2100
$150 2700
market - clearing price and qunatity using simultaneous equations will be:

"P = 6, Q= 4"

"P = 4, Q = 6"

"P = 5, Q = 16"

"P = 3, Q = 2"

Answer 1

"p=5,"q=16"( not sure) i think

Answer 2

We determine the equilibrium value by Qs=Qd

31-3P=6+2P

P=5

Now shift in % interest from 1500 to 2100=

600/1500*100=40%

Now shift in % price from 250 dollars to 200 dollars =

50/250*100= 20%

Interest elasticity includes the variations in the amount necessitated with variations in its value in the market.

Now flexibility= (delta Q*P)/delta P* Q= 600*250/(50*1500)= -2

Hence it is unyielding desire as with the rise in price products necessitated decline as and vice versa.