4. We are given the following supply and demand equations: Qd=50-2P Q = 20+3P a. What will be the quantity demanded at a price of $20? Please show your work. (1 point) b. What will be the quantity supplied at a price of $20? Please show your work. (1 point) c. At a price of $20, is there a surplus or a shortage and how many units is the surplus/shortage? (1 point) d. Solve for the equilibrium price and quantity in this market. Please show your work. (2 points)
4. We are given the following supply and demand equations: Qd=50-2P Q = 20+3P a. What will be the quantity demanded at a price of $20? Please show your work. (1 point) b. What will be the quantity supplied at a price of $20? Please show your work. (1 point) c. At a price of $20, is there a surplus or a shortage and how many units is the surplus/shortage? (1 point) d. Solve for the equilibrium price and quantity in this market. Please show your work. (2 points)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 33P: Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand...
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