The Demand And Supply Curve For T-shirts Are Given By The Following Equations. Q= 24,000 - 500P Q= 27,000 - 500P Can You Find Equilibrium Price And Quantity?
Help!
Answer:
To determine the equilibrium price and quantity, we equate supply equation and demand equation but the equations which you have provided for supply and emergency are not right The reason is that if you equate these equations you get P =0 which is not possible.
24,000 - 500P = 27,000 - 500P
In the supply equation, price is other positive because the higher the price the more will be supply in the market. Therefore, the equation of supply should hold positive 500P. Hence, the solution of the above given equations is not possible.
Resolved Questions:
How the auditor can use the projection of errors and assessing sampling...
In order to detect the errors the auditor can discover the errors from the results which were used as a sample. There are several adequate methods of projecting the error results. The auditor should use the same method for finding the errors which...
What is a baccalaureate amount?
The term baccalaureate, in the sense of a degree could refer to (most often) a Bachelor's point. It could also refer to International Baccalaureate, which is a concise group of three educational programmes, which are internationally recognised, aimed at students aged 3 right up to 19. There is also the...
What Are The Components Of Business Communication?
I mean what are the components of business communication. And what is importance of these components? Dear: Do visit the below mentioned website: http://ezinearticles.com/?Write-On!---Key-Components-of-Successful-Business-Communication&id=30987
Answer:
To determine the equilibrium price and quantity, we equate supply equation and demand equation but the equations which you have provided for supply and emergency are not right The reason is that if you equate these equations you get P =0 which is not possible.
24,000 - 500P = 27,000 - 500P
In the supply equation, price is other positive because the higher the price the more will be supply in the market. Therefore, the equation of supply should hold positive 500P. Hence, the solution of the above given equations is not possible.
Resolved Questions:
How the auditor can use the projection of errors and assessing sampling...
In order to detect the errors the auditor can discover the errors from the results which were used as a sample. There are several adequate methods of projecting the error results. The auditor should use the same method for finding the errors which...
What is a baccalaureate amount?
The term baccalaureate, in the sense of a degree could refer to (most often) a Bachelor's point. It could also refer to International Baccalaureate, which is a concise group of three educational programmes, which are internationally recognised, aimed at students aged 3 right up to 19. There is also the...
What Are The Components Of Business Communication?
I mean what are the components of business communication. And what is importance of these components? Dear: Do visit the below mentioned website: http://ezinearticles.com/?Write-On!---Key-Components-of-Successful-Business-Communication&id=30987