Find the equilibrium price and quantity for a product that has the following supply and demand curves, where p is the price in 100's of dollars and q is quantities in 1,000's of units demand: 1/3q + 1/3p - 4=0 Supply: q-p-2=0 If the product is currently priced at $400, what is the quantity supplied and the quantity demanded? Is there a surplus (More supplied than demanded) or a shortage (More demanded than supplied)

Q: a) Suppose that the demand for pizzas were to increase by 105 pizzas per day. Show the new demand,…

A: The demand curve shows the inverse relationship between price and quantity demanded. The supply…

Q: What is the equilibrium price?  At what price is there neither a shortage nor a surplus? Fill in the…

A: Equilibrium exists when the quantity demanded is equal to the quantity supplied in an economy. There…

Q: r the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1000…

A: Increase in price have a direct relationship with the quantity supplied whereas it has an inverse…

Q: demand

A: The law of supply states, ceteris paribus (keeping other things constant) when the price increases ,…

Q: What would happen to the equilibrium price and quantity of a normal good if consumers incomes rises…

A: The demand is directly related to the income of consumer.  The normal goods are the goods in which…

Q: Suppose the quantity supplied falls, relative to the values given in the table above, by 20 million…

A:

Q: If the price of a product was $600, but the supply and demand curves remained unchanged, answer the…

A: Demand is the quantity of things that consumers are willing to purchase at a specific price and for…

Q: Agree or disagree, if price of lemonade decrease due to insufficient demand, and its supply decrease…

A: If the price of lemonade decreases due to insufficient demand, and its supply decrease at the same…

Q: Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a good…

A: In the free market, the equilibrium price and quantity is determined by the forces of demand and…

Q: Suppose that the demand and supply curves for a monthly cell phone plan with unlimited texts can be…

A: The equilibrium price is the price where the plans of consumers and producers agree—that is, where…

Q: supply. The law of supply indicates that producers will produce and sell ( more, less ) of their…

A: Quantity supplied reflect the amount of good produced and supplied by the producer at a given price.…

Q: Describe and explain how both the equilibrium price and quantity will change when: a) Only supply…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in…

A: A leftward shift in the demand curve would cause the price to remain the same but equilibrium…

Q: please answer both a and b

A: Equilibrium is attained in the market at the point where the demand and the supply intersect each…

Q: The supply and demand equations of a good are given by the following formulas P=4Qs +48 P = -4QD…

A: The demand is the desire of an individual's ability and willingness to pay for a product. The demand…

Q: Suppose that there has been a sudden influx of refugees in the small town of Dallon, leading to a…

A: DemandThe demand for food will increase as the population increases. This is because there are more…

Q: What are the potential effects in the market for automobiles if consumers experience a decrease in…

A: The potential effects for automobiles in the market when the consumer's income is reduced, will…

Q: Use the table below to answer the question that follows: Price Quantity Demanded Quantity…

A: In the demand and supply model at the equilibrium price level, the quantity demanded of the good…

Q: Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in…

A: Demand curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: Given the following information about the supply of and demand for apples: Price  Quantity…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Illustrate and explain how the equilibrium price and quantity of Coffee Beans will change with the…

A: Equilibrium in the goods market is achieved at the intersection of demand and supply curves.

Q: Assume that supply for cars increases for any given price and, at the same time, the demand for cars…

A: Economic supply and demand are the economic forces of the free market that they manage what…

Q: According to the graph above, what is the quantity supplied and quantity demanded at $50 QS= 120 and…

A: Given: Graph of Market for smartphones data plans is given. The price with price flooring is $80 and…

Q: If the price is below the equilibrium level, then the quantity demanded will exceed the quantity…

A: Demand schedule is the tabular representation of quantity demanded at various prices.  Demand curve…

Q: Consider the following demand Qd = 140 - 3P and supply QS = 20 +20P for lunch at the Mountain View…

A: Market Equilibrium refer to the point where both demand and supply curve intersect each other.

Q: Suppose the price of ketchup rises dramatically. How would this affect the market price and quantity…

A: The cross elasticity shows the response of the change in the price of one commodity on the demand of…

Q: Suppose that a market for tires is described by the following supply and demand equations: QS = –…

A: Answer

Q: If a price ceiling of $7 is set, the quantity of soft drink to be exchanged will be 3. When a price…

A: A price ceiling is a government-imposed limit on the maximum price that can be charged for a good or…

Q: When the price is below the equilibrium price, the quantity demanded is ______________, and the…

A: Quantity demanded is the total amount of a products  or service which is  demanded by the consumers…

Q: Suppose that a market is described by the following supply and demand equations: Qs = 10P QD=150-20P…

A: Equilibrium occurs when demand and supply forces are equal. The price prevailing at equilibrium is…

Q: Given demand and supply equation as follows: Qd = 100 - 5P Qs = 20 + 5P a) find the equilibrium…

A: The demand curve shows the quantity demanded at each price level.  The supply curve shows the…

Q: Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain…

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Q: Carefully explain what is happening in the following market. Indicate the impact if any on demand,…

A: At the marketplace, any change in the factors affecting supply or demand will have a significant…

Q: New research demonstrates that celery is a healthy snack. The resulting increase in demand for…

A: The measure that depicts various quantities of goods and services being demanded and supplied at…

Q: Suppose both supply and demand increase. What effect will this have on the equilibrium quantity?…

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.