question archive Suppose the market for kittens adoption centre can be described by the following equations: Demand equation: Qd = 100 – 20P Supply equation: Qs = 130 + 2P Calculate the equiibrium price (P) and quantity (Q) of kittens
Suppose the market for kittens adoption centre can be described by the following equations: Demand equation: Qd = 100 – 20P Supply equation: Qs = 130 + 2P Calculate the equiibrium price (P) and quantity (Q) of kittens
Subject:EconomicsPrice:2.87 Bought7
Suppose the market for kittens adoption centre can be described by the following equations: Demand equation: Qd = 100 – 20P Supply equation: Qs = 130 + 2P Calculate the equiibrium price (P) and quantity (Q) of kittens. Remember that a negative price of kittens is not allowed. How many kittens will be adopted by humans and how many will be “strays?”
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Answer:
At eqm, Qd = Qs
100-20P = 130+2P
-30= 22P
So price is negative which is not possible,
So P*= 0
So at P= 0, Q*= 100
So adopted kittens = 100
Strays = 130-100= 30
