The market of Vodka Tonic can be summarized by the following information: P = 36
ID: 1148578 • Letter: T
Question
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. What are the equilibrium price and quantity
180 and 120
30 and 280
100 and 140
None of the above
Question 14
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price ceiling of $120 is imposed in this market, which of the following is correct?
Question 14 options:
The Quantity demanded is 120
The quantity supplied is 30
The shortage is 100
The surplus is 130
Question 15
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price floor of $120 is imposed in this market, which of the following is correct?
Question 15 options:
The quantity supplied is 255
The quantity demanded is 60
The surplus is 195
All the above are correct
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. What are the equilibrium price and quantity?
Question 13 options:
180 and 120
30 and 280
100 and 140
None of the above
Question 14
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price ceiling of $120 is imposed in this market, which of the following is correct?
Question 14 options:
The Quantity demanded is 120
The quantity supplied is 30
The shortage is 100
The surplus is 130
Question 15
The market of Vodka Tonic can be summarized by the following information: P = 360- 3/2*Q and P = 100+ 2/3*Q. If the price floor of $120 is imposed in this market, which of the following is correct?
Question 15 options:
The quantity supplied is 255
The quantity demanded is 60
The surplus is 195
All the above are correct
180 and 120
30 and 280
100 and 140
None of the above
Explanation / Answer
13. Ans: 180 and 120
Explanation:
For equilibrium
Demand = Supply
360 - 3/2*Q = 100 + 2/3*Q
2/3*Q + 3/2*Q = 360 - 100
13/ 6 * Q = 260
Q = 260 / (13/6)
= 260 * 6/13
= 120
P = 360 - 3/2 * 120
= $180
14. Ans: The quantity supplied is 30
Explanation:
If P = 120, quantity demanded is:
P = 360 - 3/2 *Q
120 = 360 - 3/2*Q
3/2*Q = 360 - 120
Q = 240 / (3/2)
= 240 * 2/3
= 160
Quality supplied is:
P = 100 + 2/3Q
120 = 100 + 2/3Q
2/3Q = 120 - 100
Q = 20 / (2/3)
= 20 * 3/2
= 30
15. Ans: None of the options are correct.
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