ps2key - Economics 102 Kelly Fall 1999 Homework#2 Due Oct 5...

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Economics 102: Kelly Student Name: Fall 1999 ID#: Homework #2 T.A. Name: Due Oct. 5 at large lecture Sec code: Note: If asked to graph please use ¼” graph paper. Label this paper with your name, id#, TA name, and the number of your discussion section. If you need additional paper label it similarly. All homework paper should be stapled together. There will be no stapler at the large lecture hall. Please xerox your homework so that you can compare your answers to the answer sheet. Part I Question 1. The table below records the quantities of beef demanded and supplied by Cattleland recently. price per pound quantities demanded thousand pounds quantities supplied thousand pounds $1.5 190 70 $2.2 162 210 a) Assume both demand and supply curves are linear. Graph the market situation. Be sure you label the demand curve, supply curve and both axis. (2 point) b) What are the equations for the demand and supply curves. (2 points) Q d =250-40P, Q s =-230+200P here measurement for quantity is thousand pounds c) What is the equilibrium price and quantity. (2 points) Equilibrium Price = $2.0, Equilibrium Quantity = 170 thousands pounds
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