# 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

##### Purchase this Solution

##### 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 ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### 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.

##### Know Your Linear Equations

Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.

##### Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

##### Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.