In a function particular county in California, the demand function for each person i for a particular kind of good is Q = 150+.15* Iį – 5P where Q denotes the quantity demanded for person i, I; is the income for person i, and P is the price of the good (which remains constant). The supply function for this particular good is Q;= = -30 + 10P where is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers total. Further assume that the total income for the area is $50,000. (a) Find Q. Note, your answer will be in terms of unknown price P. (b) Find 12. Note your answer will be in terms of unknown price P. (c) Find the price P where the total quantity supplied is equal to the total quantity demanded.

In a function particular county in California, the demand function for each person i for a particular kind of good is Q = 150+.15* Iį – 5P where Q denotes the quantity demanded for person i, I; is the income for person i, and P is the price of the good (which remains constant). The supply function for this particular good is Q;= = -30 + 10P where is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers total. Further assume that the total income for the area is $50,000. (a) Find Q. Note, your answer will be in terms of unknown price P. (b) Find 12. Note your answer will be in terms of unknown price P. (c) Find the price P where the total quantity supplied is equal to the total quantity demanded.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 4SQ

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