evaluating a market's equilibrium
Not what you're looking for?
In economics, there are three common methods for finding the equilibrium point in any given market: mathematically, graphically, and by inspection. With given information, you may not be able to find the equilibrium price and quantity only one way, so you must be familiar with all three methods in order to be equipped with the tools necessary for evaluating a market's equilibrium.
Purchase this Solution
Solution Summary
Methods of Finding Equilibrium in a Market are determined.
Solution Preview
In order to find the equilibrium point in a market, you must have certain information which will enable you to identify the characteristics of that market. In basic micro and macroeconomics, in order to identify the equilibrium, your instructor will provide you with context clues which you must learn to decipher.
The three methods for finding the equilibrium point are:
1. Mathematically/algebraically;
2. Graphically;
3. By inspection/table of numbers.
Using the market for ice cream as an example, ...
Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
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.