Market Equilibrium (example question)
The following relationships describe monthly demand and supply
conditions in the metropolitan area for recyclable aluminum:
QD = 317,500 – 10,000P (Demand)
QS = 2,500 + 7,500P (Supply)
Where Q is quantity measured in pounds of aluminum scrap metal, and P is
the price in cents per pound. Complete the following table:
Price Quantity Supply Quantity Demand Surplus (+) / Shortage (-)
15 Ñž 115,000 __________ ___________
16 Ñž __________ 157,500 ___________
17 Ñž __________ __________ ___________
18 Ñž __________ __________ ___________
19 Ñž __________ __________ ___________
20 Ñž __________ __________ ___________
At what price is this market in equilibrium?
Economics Homework Solutions
#14614
At what price is this market in equilibrium?
Market Equilibrium (example question)
The following relationships describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum:
QD = 317,500 – 10,000P (Demand)
QS = 2,500 + 7,500P (Supply)
Where Q is quantity measured in pounds of aluminum scrap metal, and P is the price in cents per pound. Complete the following table:
Price Quantity Supply Quantity Demand Surplus (+) / Shortage (-)
15 ¢ 115,000 __________ ___________
16 ¢ __________ 157,500 ___________
17 ¢ __________ __________ ___________
18 ¢ __________ __________ ___________
19 ¢ __________ __________ ___________
20 ¢ __________ __________ ___________
At what price is this market in equilibrium?
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