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Mathematical Analyses of the Law of Supply and Demand

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Suppose the supply of good X is given by Qsx = 10 + 2 Px . How many units of good X are produced if the price of good X is 20?

Suppose market demand and supply are given by Qd = 100 - 2P and Qs = 5 + 3P. The equilibrium price is:

Suppose market demand and supply are given by Qd = 100 - 2P and Qs = 5 + 3P. If a price ceiling of $15 is imposed,

Suppose the market supply for good X is given by QXs = -100 + 5PX. If the equilibrium price of X is $100 per unit then producer surplus is?

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Solution Summary

The solution is a mathematical analyses of the law of supply and demand.

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Suppose the supply of good X is given by Qsx = 10 + 2 Px . How many units of good X are produced if the price of good X is 20?

Solution:

Qsx = 10 + 2 Px
Qsx = 10 + 2 (20)
Qsx = 10 + 40
Qsx = 50

Answer: 50 units of goods are produced at a price of 20.

Suppose market demand and supply ...

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