Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors

Supply and Demand

1

Equation of a Demand Curve

4m

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2

Isolating Variables in the Demand Equation

3m

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3

Equation of a Supply Curve

2m

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4

Isolating Variables in the Supply Equation

53s

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5

Finding Equilibrium Using Algebra

10m

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6

Finding Equilibrium Using Algebra

5m

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7

Problem

The supply and demand curves for a product are as follows:

Q_{d} = 10560 − 80P

P = 1 40Q_{s} + 6

What is the equilibrium price and quantity of the product?

A

P* = $60, Q* = 5760

B

P* = $70, Q* = 4960

C

P* = $80, Q* = 4160

D

P* = $90, Q* = 3360

8

Finding Equilibrium with Equations and a Graph

7m

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