# sfmv Supply and demand are given by the following equations, respectively: QS = 600P – 800 QD = 7000 -50P Find equilibrium price and quantity. (2)…

sfmv

Supply and demand are given by the following equations, respectively:

QS = 600P – 800

QD = 7000 -50P

Find equilibrium price and quantity. (2)Graph the supply and demand curve. Mark the equilibrium. (3)If the price is \$8, find the (5)Quantity DemandedQuantity SuppliedWill there be a surplus or shortage?What is the size of the surplus or shortage?How much will firms sell if they do not change their price from \$8?Find the minimum price necessary for sellers to produce the good at all. (Hint: quantity supplied must be greater than 0.) (2)If the good were free, how much would consumers wish to buy? (Hint: Treat the price as equal to \$0.) (2)Total revenue is defined as price * quantity. Write an equation for total revenue in terms of the price of the good. (2)Find total revenue at equilibrium. (1)An increase in input prices decreases supply by 25%. Write a new supply equation to reflect this change. (2)Find the new equilibrium price and quantity using the new supply curve. (2)If the demand for this good increases and the supply further decreases, what will happen to equilibrium price and equilibrium quantity? (4)Supply and demand are given by the following equations,respectively:

QS = 600P – 800

QD = 7000 -50P

1.     Find equilibrium price and quantity. (2)

2.     Graph the supply and demand curve. Mark theequilibrium. (3)

3.     If the price is \$8, find the (5)

a.     Quantity Demanded

b.     Quantity Supplied

c.     Will there be a surplus or shortage?

d.     What is the size of the surplus or shortage?

e.     How much will firms sell if they do not changetheir price from \$8?

4.     Find the minimum price necessary for sellers toproduce the good at all. (Hint: quantity supplied must be greater than 0.) (2)

5.     If the good were free, how much would consumerswish to buy? (Hint: Treat the price as equal to \$0.) (2)

6.     Total revenue is defined as price * quantity.Write an equation for total revenue in termsof the price of the good. (2)

7.     Find total revenue at equilibrium. (1)

8.     An increase in input prices decreases supply by25%. Write a new supply equation to reflect this change. (2)

9.     Find the new equilibrium price and quantityusing the new supply curve. (2)

10.  If the demand for this good increases and thesupply further decreases, what will happen to equilibrium price and equilibriumquantity? (4)

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