Suppose That the Demand and Supply Functions for Good X $Q _ { d } = 75 - 3 P$

question 69

Short Answer

Suppose that the demand and supply functions for good X are $Q _ { d } = 75 - 3 P$ $Q _ { s } = - 20 + 6.5 P$
a. Equilibrium price is $__________ and equilibrium quantity is __________ units.
b. If price is $8, then a ______________ of _______ units occurs. If price is $12, then a _____________ of _________ units occurs.
c. Let the demand function change to
$Q _ { d } = 80 - 6 P$ . Given the ORIGINAL supply function, the equilibrium price is $__________ and equilibrium quantity is __________ units.
d. Let the supply function change to
$Q _ { s } = - 40 + 12 P$ . Given the ORIGINAL demand function, the equilibrium price is $__________ and equilibrium quantity is __________ units.

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Definitions:

Equilibrium

A state of balance or stability within a system, achieved when competing forces or influences are equal or in correct proportion.

Stable

Characterized by consistency, lacking in significant change or fluctuation, and maintaining equilibrium.

Generalist Intervention Model

A social work practice model that provides a framework for intervention involving assessment, planning, implementation, evaluation, and advocacy.

Accountability

The obligation of an individual, group, or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.