# The demand for pocket calculators is given by the function

Question # 00659414 Posted By: dr.tony Updated on: 03/08/2018 10:34 AM Due on: 03/08/2018
Subject Economics Topic Microeconomics Tutorials:
Question

The demand for pocket calculators is given by the function: P = 6 - 0.5Qd; and the supply is given by the function: 6 = Qs - P; where = Qd = quantity demanded, Qs= quantity supplied and P = price.

a. What is the equilibrium condition?

b. Solve for the equilibrium price and quantity in this market.

c. Calculate the demand and supply for calculators if the market price is \$15 per barrel. What problem exists in the economy? What would you expect to happen to price?

d. Calculate the demand and supply for calculators if the market price is \$4 per barrel. What problem exists in the economy? What would you expect to happen to price?

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1. ## Solution: The demand for pocket calculators is given by the function

Tutorial # 00658342 Posted By: dr.tony Posted on: 03/08/2018 10:35 AM
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