[Steps Shown] QUESTION: Suppose the demand for a product is Q D = 100 - 0.04P and supply is Q s = -20 + 0.06* P. What is the equilibrium market price and quantity?
QUESTION: Suppose the demand for a product is Q D = 100 – 0.04P and supply is Q s = -20 + 0.06* P.
- What is the equilibrium market price and quantity? Show your calculations. Sketch the demand and supply curves and show the equilibrium outcomes.
- Suppose a price ceiling is imposed where the new price is 75% of the equilibrium price calculated in (a). What are the new price and quantity in the market?
- Suppose instead of the price ceiling the supply curve changes to Qs = 0 .06 P, calculate the new price and quantity in the market. In a new diagram, sketch the demand and supply curves and show the equilibrium outcome.
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![[Solution] QUESTION: Draw, on separate diagrams, a](/images/solutions/MC-solution-library-63037.jpg "[Solution] QUESTION: Draw, on separate diagrams, a set of indifference")
[Solution] QUESTION: Draw, on separate diagrams, a set of indifference
Solution: QUESTION: Suppose that U = x 2 y 3 . For this function
![[Solution Library] Gepbab Corporation produces three products](/images/solutions/MC-solution-library-63039.jpg "[Solution Library] Gepbab Corporation produces three products at")
[Solution Library] Gepbab Corporation produces three products at
(See Solution) Consider the following LP and its Solver output: From
![[See Steps] Gepbab Production Company uses labor](/images/solutions/MC-solution-library-63041.jpg "[See Steps] Gepbab Production Company uses labor and raw material")
[See Steps] Gepbab Production Company uses labor and raw material
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