e) How much would be demanded and supply if p = 2 if the price was $2.00 ?

Economics
e) How much would be demanded and supply if p = 2 if the price was $2.00 ?

ScanSolve AI Answer

Okay, Janelle, let's tackle part e).

e) To find the quantity demanded and supplied if the price was 2.00,wesubstitute2.00, we substitute p=2$ into the demand and supply equations.

Step 1: Calculate quantity demanded (QDQ_D) at p=2p=2. QD=50−2pQ_D = 50 - 2p QD=50−2(2)Q_D = 50 - 2(2) QD=50−4Q_D = 50 - 4 QD=46Q_D = 46

Step 2: Calculate quantity supplied (QSQ_S) at p=2p=2. QS=30+3pQ_S = 30 + 3p QS=30+3(2)Q_S = 30 + 3(2) QS=30+6Q_S = 30 + 6 QS=36Q_S = 36

At a price of 2.00:Quantitydemandedis2.00: Quantity demanded is \boxed{46}QuantitysuppliedisQuantity supplied is\boxed{36}$

Was this helpful?

Still stuck on this one?

Ask a follow-up, and the answer starts from this question.

Got a different question?Ask your own question