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Economics Lecture Two (view source)
Revision as of 04:28, February 27, 2013
, 04:28, February 27, 2013→Assignment: better
http://www.conservapedia.com/Economics_Homework , or hand them in next class.
http://www.conservapedia.com/Economics_Homework , or hand them in next class.
1. The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).
1. Fill in the blanks: the supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).
2. Suppose the price demand curve for a particular good is P = $30 - Q, where P is the price and Q is the quantity. Also suppose the price supply curve is P = $6 + Q. At which price and quantity will the good be sold (assuming a free market)?
2. Suppose the price demand curve for a particular good is P = $30 - Q, where P is the price and Q is the quantity. Also suppose the price supply curve is P = $6 + Q. At which price and quantity will the good be sold (assuming a free market)?