When computing the cost of the basket of goods and services purchased by a typical consumer, which of the following changes from year to year? a. the quantities of the goods and services purchased b. the prices of the goods and services c. the goods and s...
What is the equilibrium price and quantity and consumer surplus when: Demand: Q^{d}= 400 - 100P and Supply: Q^{s}= 280 + 20P (for P>0) Qd=Qs = 120 - 4P = 2P; Price = $20. Therefore, Given the Equilibrium Quantity = 120 - 4 x $20 and Equilibr...
Also, we know that in a basic market the price that the consumer pays for a good is the same as the price that the producer gets to keep for the good. Therefore, the P in the supply curve has to be the same as the P in the demand curve. The equilibrium in a market occurs ...