Assume the Following Demand and Supply Equations: Qd=900-20P, and Qs=150+10P

question 68

Essay

Assume the following demand and supply equations: Qd=900-20P, and Qs=150+10P.
a) Graph the two curves.
b) Calculate the slopes of the two curves.
c) Calculate the equilibrium price and quantity.
d) If the price was $30, how much would the quantity demanded be? (Show it on the graph)
e) If the price was $30, how much would the quantity supplied be? (Show it on the graph)

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Definitions:

Human Relations Movement

A management philosophy that emphasizes the importance of considering workers' psychological and social needs to increase productivity and job satisfaction.

Fatigue

A state of physical or mental weariness resulting from exertion or prolonged stress.

Productivity

Measures the efficiency of production in terms of the output of goods and services relative to the input of resources.

Classical Viewpoint

An early prescription on management that advocated a high specialization of labour, intensive coordination, and centralized decision making.