Demand estimation and elasticity 7 questions of long algebra
This is very advanced math (Algebra) that requires each step of equation to be written out and explained (a sample is provided below). The 7 questions to be answered are in attached document.
The teacher already has answers posted on Chegg and Course Hero please do original work.
Solve for equilibrium and quantity.
Given: Monthly quantity demand function for a product is Qd = 10,000-80P and monthly quantity supply function for a product is Qs=20P.
Here is an example of how to present you work on this problem which would allow me to follow your steps:
1) Qd=Qs which is also equal to:
2) 10,000 – 80P = 20P
Next add 80P to both sides and divide by 100 to get:
Divide by 100 to get P by itself:
100 = P
This is equilibrium price.
Next, you need equilibrium quantity.
Plug the equilibrium price (100) into either demand or supply function.
If we plug it into the demand function you get:
Qd= 10,000 – 80*100 = 2,000
(80*100 is 8,000 and 10,000 minus 8,000 is 2,000)
If you plug it into the supply function you get:
Qs = 20*100 = 2,000
Here, the quantity supplied is equal to the quantity demanded.
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