2019-01-24T12:21:21+00:00 Assignments

# Topic: Principles of Economics: Graded Homework Assignment

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# Topic: Principles of Economics: Graded Homework Assignment

### Instructions:

What is the equilibrium price for good Z?
What is the equilibrium quantity bought and sold for good Z?
Would a price of \$10 result in a shortage or a surplus? How large?
Would a price of \$4 result in a shortage or a surplus? How large?
If the supply for Z increased by 15 units at every price, what would the new equilibrium price and new equilibrium quantity bought and sold be?
Given the original supply schedule for Z, if the demand of Z were increased by 15 units at every price, what would the new equilibrium price and new equilibrium quantity bought and sold be?

### Content:

Principles of Economics: Graded Homework Assignment
Name
Institution
Date
PART 1:
Assume the following information represents the demand and supply curves for good Z.
DemandSupplyPricequantity demandedPriceQuantity supplied\$12 60\$3 901170495108051009906105810071107110811561209120513010125414011130315012135

Equilibrium price for good Z?

Demand line is P= 18-0.1Q
Supply line is P= -15+0.2Q
Equilibrium price is \$ 7
What is the equilibrium quantity b

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