Suppose that the market demand function of a perfectly competitive industry is given by Qd = 4750 - 50P and the market supply function is given by Qs = 1750 + 50P, and P is expressed in dollars.?
a) How to find the market equilibrium price and quantity?
b) How to find the quantity demanded and supplied in the market at P = $50, $40, $30, $20, and $10 ?
c)How would the market demand curve and the market supply curve graph look like on one graph , and the demand curve for one of 100 identical perfectly competitive firms is this industry on another graph.
d) How to write the equation of the demand curve of the firm?
a) How to find the market equilibrium price and quantity?
b) How to find the quantity demanded and supplied in the market at P = $50, $40, $30, $20, and $10 ?
c)How would the market demand curve and the market supply curve graph look like on one graph , and the demand curve for one of 100 identical perfectly competitive firms is this industry on another graph.
d) How to write the equation of the demand curve of the firm?
1 Answer
Dec 2, 2016
Equilibrium price
equilibrium quantity
