Suppose the market demand function for good X is given Q x = 30-2p and the supply function for good X is give by Q x = -6+p.
a. calculate equilibrium price.
b. calculate equilibrium quantity.
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The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P -2 (measured in billions of bushels per year). Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. How much wheat goes to waste under the program?
a. 10 billion bushels per year
b. 4 billion bushels per year
c. 6 billion bushels per year
d. No wheat goes to waste
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