Question 1. [10 points] Find the equilibrium price, quantity, and revenue in a market characterized by the following information: Qd = 5000 – 20P[demand curve]Qs = 30P[supply curve] Question 2. [10 points] Predict the direction of change (rise
Question Description
Question 1.
[10 points] Find the equilibrium price, quantity, and revenue
in a market
characterized by the following information:
Qd = 5000 – 20P
[demand curve]
Qs = 30P
[supply curve]
Question 2.
[10 points] Predict the direction of change (rise or fall) in
the equilibrium price and
quantity in the market for gasoline this week if drivers come t
o expect that the price of gasoline
will fall next week. Use a demand-supply graph to justify your
prediction.
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