Purchase Solution

Product Demand Curve

Not what you're looking for?

Ask Custom Question

A product's Demand Curve is: Qd=25-P and its Supply Curve is: Qs =10 + 2P

a. When P = $20 WHAT is the difference, if any between Qd and Qs
b. When P= 43, what is the difference if any between Qd and Qs
c. What are the equilibrium values of P and Q.

Purchase this Solution

Solution Summary

Solution shows the equilibrium values of P and Q.

Solution Preview

a. When P = $20 WHAT is the difference, if any between Qd and Qs
- Insert P = $20 in demand and supply curve expressions
Qd = 25 - 20 = 5
Qs = 10 + 2*20 = 50
Difference is 50 - 5 = 45

b. When P= 43, what is the difference if any between ...

Purchase this Solution


Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.