--%>
Assignment Help - homework help

Describe equilibrium price and quantity

Assume the market for widgets can be described by the given equations:
                     Demand: P = 10 - Q               Supply: P = Q - 4
Here P refers to the price in dollars per unit and Q refers to the quantity in thousands of units.
Describe equilibrium price and quantity?
To determine the equilibrium price and quantity, equate supply and demand and solve out for QEQ:
                                                         10 - Q = Q - 4, or QEQ = 7.

Substitute QEQ in either the demand equation or the supply equation to get PEQ.
                                                           PEQ = 10 - 7 = 3,
                                                                            or
                                                           PEQ = 7 - 4 = 3.

   Related Questions in Finance Basics

  • Q : Describe the importance of additional

    Normal 0 false false

  • Q : Components of the M1 money supply

    Normal 0 false false

  • Q : Contrast prescribed benefit and

    Compare and contrast a prescribed benefit and contribution pension plan.In a prescribed benefit plan, retirement benefits are determined by a formula that typically considers the worker's age, salary, and years of service.  The employee and

    		•
  • Q : Explain Language Sheets Language Sheets

    Language Sheets: The copies of the current Budget Act appropriation items offered to Finance and departmental staff each fall to update for the proposed Governor’s Budget. Such updated language sheets become the proposed Budget Bill. In spring,

    		•
  • Q : What is Cash Flow Statement What is

    What is Cash Flow Statement: It is a statement of cash receipts and disbursements for a particular time period.

    		•
  • Q : What is Fingerprint biometrics

    Fingerprint biometrics has basically three main application ground: Large-scale Automated Finger Imaging System for law enforcement Fraud prevention in entitlement programs Access control for facilities or computers.

  • Q : What is Special Fund for Economic

    Special Fund for Economic Uncertainties: It is a fund in the General Fund (that is, a similar reserve is involved in each special fund) authorized by the statute and Budget Act Control Section 12.30 to offer for emergency situations.

    		•
  • Q : What is Audit Audit : Usually a review

    Audit: Usually a review of financial statements or performance activity (like an agency or program) to establish conformity or compliance with the applicable laws, regulations, and/or standards. The state has three central association

    		•
  • Q : Describe the notion of political

    Normal 0 false false

  • Q : Define Claim Schedule Claim Schedule :

    Claim Schedule: It is a request from a state department to the State Controller's Office to distribute payment from a legal appropriation or account for a legal state obligation. The claim agenda recognizes the appropriation or account to be charged,

    		•