Homework on Chapter 3

Homework on Chapter 3 - d change to Q d = 200 5P due to a...

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Homework 2 1. Find the equilibrium price (in$) and quantity in the following market: Q s = -20 + 3P Q d = 220 – 5P 2 With a support price of $32 in the market, excess demand/supply of ____ will be created. 3. With a price ceiling of $24 in the market, excess demand/supply of ____ will be created. 4 If Q s remain constant, but Q
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Unformatted text preview: d change to Q d = 200 5P due to a change in fashion, the new equilibrium price and quantity will be: 5 Based on your answer for 4, you can conclude that a(n) increase/decrease in demand, while the supply remain constant, will result in a(n) increase/decrease in the equilibrium market price....
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This note was uploaded on 04/22/2008 for the course ECON 201 taught by Professor Joyce during the Spring '07 term at Drexel.

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