Given the demand and supply equations: Q P D = 60 − 4 and Q P S = −10 + 6 , complete the table below, plot the two curves and hence determine equilibrium price and quantity. Mark the regions that measure the consumer’s and producer’s surpluses in the graph.

/in /by

Given the demand and supply equations: Q P D = 60 − 4 and Q P S =
−10 + 6 , complete the table below,

plot the two curves and hence determine equilibrium price and
quantity. Mark the regions that measure

the consumer’s and producer’s surpluses in the graph.

You might also like
In the market for Fante Kenley, the supply and demand functions respectively are and When there is excess demand, price adjusts according to the equation a) Find the long run equilibrium price, P* (that is, the price at which there is no excess demand or supply). b) Formulate and solve he first order differential equation giving P as a function of time, t. Is this market dynamically stable or unstable? c) If the initial price is P = 50, how close will the price be to its long run equilibrium value, when t = 10?
Consumer buys 10 units of Good A when the price of Good B is $5. When the price of Good B rises to $6 (the price of Good A remaining unchanged) the consumer buys 14 units of Good A.
draw a diagram to show a firm in a monopolistic competition market making a short run loss but remaining in production. in your diagram, include the labels for the following: AR for average revenue; MR for marginal revenue; AC for average cost ; AVC for average variable cost and MC for marginal cost * for price discriminating monopolist, the inverse demand functions for two markets are given as follows p1= 16-Q1 p2=9-Q2 where:- p1 is the price in sub-market 1 p2 is the price in sub-market 2 Q1 is quantity demanded in sub-market 1 Q2 is quantity demanded in sub-market 2 Using the above information, calculate the profit maximizing outputs and prices in each of the sub-market when the industry's marginal cost equals 10 units
If the long-run Phillips curve shifts to the right, for any given rate of money growth and inflation the economy will have a. higher unemployment and higher output. b. higher unemployment and lower output. c. lower unemployment and higher output. d. lower unemployment and lower output.
A firm’s demand function for good Z is estimated as follows: Qz = 4500- 1/8 Pz + 1/5 Pa – 1/9 Pb + 2Y Where: Pz is the price of good z, Pa is the price of good a, Pb is the price of good b, and Y is income. (i) Justify whether the law of demand is valid here. [5 marks] (ii) According to theories, explain the two main reasons why the law of demand is always valid? [5 marks] (iii) Is good Z a normal good? [5 marks] (iv) Explain whether goods a and b are related to good z. [5 marks]
State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward. When price elasticity of supply is greater than one it means supply curve is flatter
Define demand and list the factors affecting quantity demanded:
The monopolistic competitor faces a demand curve given by q(p)=50-5p.its cost function is c(y)=4y .what is it's optimal level of output and price