hightechhippie
New member
- Joined
- Nov 4, 2010
- Messages
- 5
Hello Forum,
I have a problem in Economics I am having trouble solving, I am hopping someone in here can assist me. Below is the problem. ANd thank you in advance for any help.
Dexter
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Supply and demand conditions in this competitive service market in New York are:
QS = 2P – 20 (Supply)
QD = 80 - 2P (Demand)
Where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.
A. Algebraically determine the market equilibrium price and output combination
B. Use a graph to confirm your answer.
For the graph, use price (P) values of 10, 20, 30, 40, and 50 to determine quantities demanded and
quantities supplied.
Any insite would be great
I have a problem in Economics I am having trouble solving, I am hopping someone in here can assist me. Below is the problem. ANd thank you in advance for any help.
Dexter
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Supply and demand conditions in this competitive service market in New York are:
QS = 2P – 20 (Supply)
QD = 80 - 2P (Demand)
Where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.
A. Algebraically determine the market equilibrium price and output combination
B. Use a graph to confirm your answer.
For the graph, use price (P) values of 10, 20, 30, 40, and 50 to determine quantities demanded and
quantities supplied.
Any insite would be great