question archive Consider a model of Microeconomic nature for the simple one commodity market model of two equations: Q=a-bP (a, b > 0) [demand] Q=-c+dP (c, d > 0) [supply] What is the Equilibrium Price and Quantity? In equilibrium D = S a-bP=-c+dP=a+c=b+dP P*=a+cb+d Substitute P* into either supply or demand equation to get the equilibrium quantity Q*;
Consider a model of Microeconomic nature for the simple one commodity market model of two equations: Q=a-bP (a, b > 0) [demand] Q=-c+dP (c, d > 0) [supply] What is the Equilibrium Price and Quantity? In equilibrium D = S a-bP=-c+dP=a+c=b+dP P*=a+cb+d Substitute P* into either supply or demand equation to get the equilibrium quantity Q*;
Subject:BusinessPrice: Bought3
Consider a model of Microeconomic nature for the simple one commodity market model of two equations:
Q=a-bP (a, b > 0) [demand]
Q=-c+dP (c, d > 0) [supply]
What is the Equilibrium Price and Quantity?
In equilibrium D = S
a-bP=-c+dP=a+c=b+dP
P*=a+cb+d
Substitute P* into either supply or demand equation to get the equilibrium quantity Q*;
