Determine the Equilibrium Price and Quantity in Each of the Following

question 5

Essay

Determine the equilibrium price and quantity in each of the following.
(a)Demand is represented by the equation,P = 28 - .2Q_D and supply by the equation P = 8 + .3Q_S.
(b)Demand is represented by the equation,P = 30 - .5Q_D and supply by the equation P = 5 + .5Q_S.
(c)Demand is represented by the equation,P = 20 - .3Q_D and supply by the equation P = 4 + .2Q_S.

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Definitions:

Federal Unemployment Compensation Tax

A federal tax imposed on employers to fund state workforce agencies and unemployment insurance.

Payrolls Tax

Payrolls Tax is a tax imposed on employers based on the salary and wages paid to employees, which can encompass federal, state, and local taxes.

Marital Status

A legal term that denotes whether a person is married, single, divorced, widowed, or separated.

Withholding Allowances

Exemptions claimed by an individual on a W-4 form to reduce the amount of income tax withheld from their paycheck.