Exam 5: Algebraic Approach to Demand, Supply, and Equilibrium

Market demand is given as Qd = 200 - 3P.Market supply is given as Qs = 2P + 100.In a perfectly competitive equilibrium, what will price and quantity be?  

Market demand is given as Qd = 100 - 2P.Market supply is given as Qs = P + 10.What would result if the market price were $20?  

Market demand is given as Qd = 100 - 2P.Market supply is given as Qs = P + 10.What would result if the market price were $40?  

Exhibit 4A-1 -Refer to the exhibit.At the equilibrium price, what would producer surplus be?  

Market demand is given as QD = 100 - 2P.Market supply is given as QS = P + 10.Which legally imposed price would constitute a binding price ceiling?  

Market demand is given as Qd = 40 - 2P.Market supply is given as Qs = 2P.In a perfectly competitive equilibrium, what will be price and quantity traded in the market?  

Market demand is given as Qd = 200 - 3P.Market supply is given as Qs = 2P + 100.What would result if the market price were $30?  

Market demand is given as Qd = 100 - 2P.Market supply is given as Qs = P + 10.In a perfectly competitive equilibrium, what will be price and quantity traded in the market?  

Exhibit 4A-1 -Refer to the exhibit.At the equilibrium price, what would consumer surplus be?  

Market demand is given as QD = 100 - 2P.Market supply is given as QS = P + 10.Which legally imposed price would constitute a binding price floor?  

Market demand is given as QD = 200 - 3P.Market supply is given as QS = 2P + 100.Which legally imposed price would constitute a binding price floor?  

Market demand is given as Qd = 60 - P.Market supply is given as Qs = 3P.What would result if the market price were $30?