On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The quantity supplied of econoapples is fixed at 30. The second type of good is the econoseed. The quantity supplied of econoseeds is fixed at 60. The demand for econoapples is:
= 15 - 2P_A + 4P_S. The demand for econoseeds is:
= 45 + P_A - P_S. Determine the equilibrium price and quantity of each good in the Economus economy.

Question

On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The quantity supplied of econoapples is fixed at 30. The second type of good is the econoseed. The quantity supplied of econoseeds is fixed at 60. The demand for econoapples is:

= 15 - 2P_A + 4P_S. The demand for econoseeds is:

= 45 + P_A - P_S. Determine the equilibrium price and quantity of each good in the Economus economy.

Quizplus · Accepted Answer

The Answer of On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The quantity supplied of econoapples is fixed at 30. The second type of good is the econoseed. The quantity supplied of econoseeds is fixed at 60. The demand for econoapples is: = 15 - 2P_A + 4P_S. The demand for econoseeds is: = 45 + P_A - P_S. Determine the equilibrium price and quantity of each good in the Economus economy.

On the Planet Economus, There Are Only Two Goods in the Economy