1. The demand for chocolate chip cookies is given by equation 1, where Qd is the quantity of cookies demanded in a year (in millions), and P is the price per cookie (in dollars).
Qd = 8 - 30*P (1)
The supply of chocolate chip cookies is given by equation 2, where Qs is the quantity of cookies supplied (in millions):
Qs = -2 + 20*P (2)
a. Draw the demand curve and the supply curve for chocolate chip cookies, labeling your axes and the curves. (Put P on the vertical axis, Q on the horizontal axis. Substitute values for P (start with $.10 and use increments of $.10) and solve for Qd and Qs.)
b. Show the equilibrium price and quantity by drawing dashed lines from the equilibrium to each axis.
2006-09-14 07:32:03 · 4 answers · asked by mnb231 1 in Science & Mathematics ➔ Mathematics
this homework was given to you by your teacher,so u have to solve it.don't ask us to solve this.why don't you use your brain ?
2006-09-14 07:37:22 · answer #1 · answered by sabi 2 · 0⤊ 0⤋
It is necessary to graph in order to solve this problem.
Just equate Qd and Qs to get this price:
8 - 30*P = -2 + 20*P
which leads to P = 1/5
I'm sorry I don't know how to draw or to insert symbols in such these dialog boxes.
2006-09-14 15:01:26 · answer #2 · answered by Hassan g 2 · 0⤊ 0⤋
this is pretty easy to do in Excel:
DemandSupplyPrice
5 , 0 , 0.1
2 , 2 , 0.2
-1 , 4 , 0.3
2006-09-14 14:41:01 · answer #3 · answered by odu83 7 · 0⤊ 0⤋
if i were in class, i would - but since its YOUR homework, you should be doing it.
2006-09-14 14:39:48 · answer #4 · answered by ever_curious 3 · 0⤊ 0⤋