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Suppose That the Demand and Supply Functions for Good X Qd=753PQ _ { d } = 75 - 3 P

Question 82

Short Answer

Suppose that the demand and supply functions for good X are Qd=753PQ _ { d } = 75 - 3 P Qs=20+6.5PQ _ { s } = - 20 + 6.5 P
a. Equilibrium price is $__________ and equilibrium quantity is __________ units.
b. If price is $8, then a ______________ of _______ units occurs. If price is $12, then a _____________ of _________ units occurs.
c. Let the demand function change to
Qd=806PQ _ { d } = 80 - 6 P . Given the ORIGINAL supply function, the equilibrium price is $__________ and equilibrium quantity is __________ units.
d. Let the supply function change to
Qs=40+12PQ _ { s } = - 40 + 12 P . Given the ORIGINAL demand function, the equilibrium price is $__________ and equilibrium quantity is __________ units.

Correct Answer:

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a. $10; 45
b. short...

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