1 answer

Full explanation would be appreciated! The demand for books is: Qd 120-P The supply of books...

Question:

Full explanation would be appreciated!The demand for books is: Qd 120-P The supply of books is: OS = 5P a) Find equilibrium price and quantity b) If P = $15, which of the following is true? A) There is a surplus equal to 30 B) There is a shortage equal to 30 C) There is a surplus, but it is impossible to determine how large D) There is a shortage, but it is impossible to determine how large 32

The demand for books is: Qd 120-P The supply of books is: OS = 5P a) Find equilibrium price and quantity b) If P = $15, which of the following is true? A) There is a surplus equal to 30 B) There is a shortage equal to 30 C) There is a surplus, but it is impossible to determine how large D) There is a shortage, but it is impossible to determine how large 32

Answers

a) At equilibrium prices, demand and supply are equal. I.e. Qd = QS


Qd = 120-p Qs = 5p


= 120 = 5p + p


= 120 = 6P


P = 120/6. The equilibrium price of the commodity will be 20.


At the equilibrium price, a good demand is 120 -p = 120 -20 or 100.


b) When P is $15, the quantity supplied is 5(15) = 75, and the quantity demanded is Qd = 120 -15 = 105.


Demand is greater than supply and there will be a shortage of 30. The answer is "B".


.

Similar Solved Questions

1 answer
A toothpaste contains 0.242 %% by mass sodium fluoride used to prevent dental caries and 0.31...
A toothpaste contains 0.242 %% by mass sodium fluoride used to prevent dental caries and 0.31 %% by mass triclosan C12H7Cl3O2C12H7Cl3O2, an antigingivitis agent. One tube contains 119 g of toothpaste. (Figure 1) How many fluoride ions, F−, are in the tube of toothpaste? How many grams of sodiu...
1 answer
Let f : [x0−h, x0+h]→R be defined. (a) Construct the 2nd degree Lagrange polynomial fitting {x...
Let f : [x0−h, x0+h]→R be defined. (a) Construct the 2nd degree Lagrange polynomial fitting {x −h,x ,x +h} and compute P′′(x ). (b) Use Taylor’s theorem to derive the same formula with error term....
1 answer
Example: Consider a steam power plant operating on the ideal reheat Rankine cycle. Steam enters the...
Example: Consider a steam power plant operating on the ideal reheat Rankine cycle. Steam enters the high-pressure turbine at 15 MPa and 600 °C and is condensed in the condenser at a pressure of 10 kPa. If the moisture content of the steam at the exit of the low-pressure turbine is not to exceed ...
1 answer
Identify one book that you think would be useful in teaching multicultural awareness to primary grade...
Identify one book that you think would be useful in teaching multicultural awareness to primary grade children? State why you chose this book? Based on your selected book explain one learning objective appropiate for primary grade children....
1 answer
How do you find the derivative of #x/2#?
How do you find the derivative of #x/2#?...
1 answer
Balance the following redox equations by the ion-electron half-reaction method: (a) (acid solution): MnO2 (s) +...
Balance the following redox equations by the ion-electron half-reaction method: (a) (acid solution): MnO2 (s) + Cl → Mn2+ + Cl2 (g) (b) (acid solution): NaBiO; (s) + Ce3+ BiO+ + Ce4+ + Na+ (c) (basic solution): Fe(OH)2 (s) + CrO42- → Fe,0, (s) + Cr(OH)4...
1 answer
Is this correct? on a 2.00 kg particle with an initial speed of 4.00. m/s. What...
is this correct? on a 2.00 kg particle with an initial speed of 4.00. m/s. What is the d = (2.00i + 2.00j + 7.00k) m? 185 Vf=?? W=Fod W = = 5(27+ 5(2) +4 (7) 4K = Whet = 1 m (ve-vi? fase + 4 N. 12W + vi? Uf: Gibt miss...
1 answer
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash...
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash and giving a short-term note for $294,000. Legal fees paid were $1,750, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $18,300. Materials salvaged...
1 answer
The plastic block is subjected to an axial compressive force of F 400 N. (Figure 1)...
The plastic block is subjected to an axial compressive force of F 400 N. (Figure 1) The caps at the top and bottom distribute the load uniformly throughout the block Part A Determine the average normal stress acting along section - Express your answer to three significant figures and include appropr...
1 answer
The nurse is preparing to assist a client from bed to chair by hydraulic lift. The...
the nurse is preparing to assist a client from bed to chair by hydraulic lift. The nurse would do which of the following first to move the client safely with the device. A. lower the client rapidly once position over chair. B. have the client grasp the chain attaching the sling to lift C. lock the b...
1 answer
For the equation g(a, b, c) = (ab, bc, ac) and k = (1, 1, 1),...
For the equation g(a, b, c) = (ab, bc, ac) and k = (1, 1, 1), show that there is an open neighborhood H of a given point k such that g is one to one on H. In addition, compute Dg-l(g(k)). *Note that g(H) is open and g-1 has continuous first-order partial derivatives on g(H)....
1 answer
Yellow fever CIRCULATORY DISEASE POSTER What is the name of your cardiac/ circulatory disease? What parts...
yellow fever CIRCULATORY DISEASE POSTER What is the name of your cardiac/ circulatory disease? What parts of the circulatory system are involved in the disease? What are the Symptoms? What does it look like? *Include a diagram What is the prognosis? What is...
1 answer
Question 39 (1 point) Jan claims her 62-year-old mother as a dependent. The mother's only income...
Question 39 (1 point) Jan claims her 62-year-old mother as a dependent. The mother's only income for 2019 is $2,520 of taxable interest from a savings account. The mother's 2019 taxable income is: 01) $920. O2) $1,220 3) $0. 4) $2,470. 5) $1,420....
1 answer
What is the area of an equilateral triangle with a perimeter of 6 inches?
What is the area of an equilateral triangle with a perimeter of 6 inches?...
1 answer
Required information Use the following information for the Problems below. (Algo) [The following information applies to...
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING CO...