Determine the demand and supply schedule.

Question

ScanSolve AI Tutor · Accepted Answer

Okay, Janelle, let's fill in this demand and supply schedule using the equations from the previous problem:
$Qd = 1000 - 20p$
$Qs = 500 + 30p$

Calculate Quantity Demanded (Qd) for each price (P).
- For $P = 0$ : $Qd = 1000 - 20(0) = 1000$
- For $P = 1$ : $Qd = 1000 - 20(1) = 980$
- For $P = 2$ : $Qd = 1000 - 20(2) = 960$
- For $P = 3$ : $Qd = 1000 - 20(3) = 940$
- For $P = 4$ : $Qd = 1000 - 20(4) = 920$
- For $P = 5$ : $Qd = 1000 - 20(5) = 900$
Calculate Quantity Supplied (Qs) for each price (P).
- For $P = 0$ : $Qs = 500 + 30(0) = 500$
- For $P = 1$ : $Qs = 500 + 30(1) = 530$
- For $P = 2$ : $Qs = 500 + 30(2) = 560$
- For $P = 3$ : $Qs = 500 + 30(3) = 590$
- For $P = 4$ : $Qs = 500 + 30(4) = 620$
- For $P = 5$ : $Qs = 500 + 30(5) = 650$
Complete the demand and supply schedule.
$\begin{array}{|c|c|c|} \hline \text{Price (P)} & \text{Quantity Demanded (Qd)} & \text{Quantity Supplied (Qs)} \\ \hline 0 & 1000 & 500 \\ 1 & 980 & 530 \\ 2 & 960 & 560 \\ 3 & 940 & 590 \\ 4 & 920 & 620 \\ 5 & 900 & 650 \\ \hline \end{array}$
The completed demand and supply schedule is shown above.

Step-by-step solution