Purchase Solution

# Equilibrium Price, Supply and Demand Equations

Not what you're looking for?

Suppose the supply and demand for wheat is given by:
Supply: Qs = 1800 + 240P
Demand: Qd = 2550 + 10I - 266P,
Where P = the price per bushel of wheat and I = income. The current
value of I is 100.

a. Find the current equilibrium price and quantity of wheat sold in the
market place.

b. Find the equilibrium price and quantity if income increases to 150

##### Solution Summary

Equilibrium Price, Supply and Demand Equations are investigated.

##### Solution Preview

Please see the attached file for the complete solution.
Thanks for using BrainMass.

Mathematics [economics]

Suppose the supply and demand for wheat is given by:
Supply: Qs = 1800 + 240P
Demand: Qd = 2550 + 10I - 266P,
Where ...

##### Graphs and Functions

This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.

##### Multiplying Complex Numbers

This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.