Question

Engineering Economics

1. Given the following equations representing the behavior of producers and consumers:

Consumers: Qd = 100 – (6*Price)%3D

1. What price corresponds to the equilibrium price for this market:

What is the equilibrium quantity?

1. Over what range of prices does a Surplusresult?

2. Over what range of prices does aShortage result?

3. If a surplus exists, explain the process bywhich market prices will adjust?

Will these prices adjust upwards or downwards?.

1. On the next page, graph the above price and quantity data and carefully label the Supply curve,

Demand curve, Equilibrium price , and Equilibrium quantity.

1. On the next page, graph the above price and quantity data and carefully label the Supply curve,

Demand curve, Equilibrium price , and Equilibrium quantity.

Will these prices adjust upwards or downwards?


Answer

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