We Are Given the Following Supply and Demand Equations

question 44

Essay

We are given the following supply and demand equations:
Q_D = 100 - 2P , Q_S = 10 + P
a.What will be the quantity demanded at a price of $40?
b.What will be the quantity supplied at the price of $30?
c.What is the equilibrium price and equilibrium quantity?

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Definitions:

Goods And Services

Products and activities provided by businesses to satisfy the needs and wants of consumers.

Buying Process

The sequence of stages consumers go through, from recognizing a need or desire, through information search and evaluation of alternatives, to the purchase decision and post-purchase behavior.

Internal Stimulus

Psychological or emotional factors within an individual that trigger a desire or need, prompting them to make a purchase or decision.

Low-involvement Purchase

Buying decisions made by consumers with minimal research and consideration as the product is often inexpensive and perceived as low risk.