Explore BrainMass
Share

Explore BrainMass

    Mathematical Analyses of the Law of Supply and Demand

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com October 10, 2019, 4:50 am ad1c9bdddf
    https://brainmass.com/economics/supply-and-demand/mathematical-analyses-law-supply-demand-479272

    Solution Preview

    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 ...

    Solution Summary

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

    $2.19