1. The quantity demanded for coats depends on the price, according to this formula: quantity demanded = Qd = 250-3P The quantity supplied depends on the price, according to this formula: quantity supplied = Qs = 10 + 5P Fill in the table showing the quantity supplied and the quantity de- manded for each possible price. Identify what is the price that makes the quantity supplied equal to quantity demanded. Example: if P = 5, then and Qa=250-3 × 5 = 250 - 15 = 235 Qs = 10 + 5 x 5 = 10 + 25 = 35

1. The quantity demanded for coats depends on the price, according to this formula: quantity demanded = Qd = 250-3P The quantity supplied depends on the price, according to this formula: quantity supplied = Qs = 10 + 5P Fill in the table showing the quantity supplied and the quantity de- manded for each possible price. Identify what is the price that makes the quantity supplied equal to quantity demanded. Example: if P = 5, then and Qa=250-3 × 5 = 250 - 15 = 235 Qs = 10 + 5 x 5 = 10 + 25 = 35

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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