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Economics Homework Two Answers - Student Twenty-Two (view source)
Revision as of 18:49, September 18, 2009
, 18:49, September 18, 2009no edit summary
'''AmandaS.'''
'''AmandaS.'''
1. The supply of a good, and the demand for that good, determine both the '''quantity''' and '''price''' at which the good is sold.
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).:
The supply of a good, and the demand for that good, determine both the '''quantity''' and '''price''' at which the good is sold.
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)?: '''P=$18, Q=$12'''
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)?: '''P=$18, Q=$12'''