Given that,<?xml:namespace prefix = o ns = \"urn:schemas-microsoft-com:office:of

Question

Given that,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

(1) Qw = 1,035.548 – 6.07164Pgw + 2.83Pbw + 2,100Ag – 1,500Ab + 0.2348Yw for the western market, and

(2) Qe = 49,714.29 – 30.7692Pge + 6.984Pbe + 1,180Ag – 950Ab + 0.0825Ye for the eastern market,

We have,

<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /> = $1.5 million

= $1.2 million

= $0.055 million

= $0.025 million

= = $2,100

And also,

TVC = 5755.363Q – 10.005

TC = 1.5 + 5755.363Q – 10.005

How do I solve alegebracially for Quantity and Price?

Explanation / Answer

example...................................................................................... Suppose the supply of a good is given by the equation Qs = -50 +2P and the demand d for the good is given by the equation Qd = 350 - 2P, where thequantityy (Q) is measured in thousands of units and price (P) is measured in dollars. The equilbrium quanity in this market is _____ units and the equilbrium price is _____ per unit.................................................................................................................................................................................... solution..................................................................Qs = -50 +2P Qd = 350 - 2P -50 + 2P = 350 - 2P -50 + 2P + 2P = 350 - 2P + 2P -50 + 4P = 350 -50 + 50 + 4P = 350 + 50 4P = 400 P = 100 -50 +2(100) = Q -50 + 200 = Q Q = 150 thousand The equilibrium quantity in this market is 150,000 units and the equilibrium price is $100 per unit

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