The demand function p = 85 – 5x and supply function p = 3x – 35. Calculate the equilibrium price and quantity demanded. Also, calculate consumer’s surplus - Business Mathematics and Statistics | Shaalaa.com
The demand function p = 85 – 5x and supply function p = 3x – 35. C…
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4. Suppose the market demand function for good X is given by Qx = 30 - 2P,and the supply function for good X is given by Qx = 6 4P. Then, calculatethe:(2 point)A. Market clearing price and quantity respectively.B. Determine market equilibriumC. Price and supply elasticity of demand.5. Assume that the MC of a firm is Birr 40 and its AVC is Birr 50. Identify thestage of production in which the firm is operating. (2 point)
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