CUNY Bernard M Baruch College Supply Function and Demand Functions Questionnaire
I’m working on a mathematics question and need an explanation to help me learn.
(2) If the Supply Function for a product is Qs = Qs (P), where Qs is the quantity Supplied and P is the Price of the good.
If Qs (P) = 13,000 + 2,000P, Evaluate Qs (6), Qs (10) and Qs (5).
QS (6) = 13,000 + 2,000(6) = 25,000
QS (10) = 13,000 + 2,000(10) = 33,000
QS (5) = 13,000 + 2,000(5) = 23,000
If Qs (P) = 15,000, what is P?; If Qs (P) = 24,000, what is P?
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(3) If the Demand Function Qd of the same product in #2 is Qd (X) = 28,000 – 1000P.
Evaluate Qd (7), Qd (9);
Qd (7)= 28,000 – 1,000(7) = 21,000
Qd (9)= 28,000 – 1,000(9) = 18,000
If Qd = 15,000, what is P
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