P = 40, q = 10 at equilibrium
At equilibrium, price elasticity of supply = 2.0
Use the price elasticity and market equilbrium to find the supply schedule q = a + (change in q/change in p)p.
How do you go about doing this?
2006-10-10 11:35:31 · 3 answers · asked by Anonymous in Social Science ➔ Economics
Replace:
10=a+2*40 and find a. That is where supply & demand intersect.
Then see what happens with p when q=20, 30, 40, etc. (Don't forget to plug in the value you found for a)
Draw the dots on an p&q schedule.
Join the dots.
2006-10-11 07:33:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it's simple, old world theoretical equations are responsible for the present mess the planets in, there is only one law to economics, when you supply a product that has a higher value than the price you sell it everytime, thats all you need to know. and you can't continue to tax added value with usury either without a downfall and collapse of which we are clearly and presently heading for. So if you want to loose your credabilty like they all have, contiinue studying that worthless format..I suggest you study the "science of economics" and consequences thereafter ;)
2006-10-10 11:42:08 · answer #2 · answered by Anonymous · 0⤊ 3⤋
economics sucks. i dont get it. i thought i had it but then i took a f'ing quiz n i failed!!! i was like WTF?!?!?!?!?!
ooo...in response to ur Q: sorry i don't know
2006-10-10 11:42:57 · answer #3 · answered by dvl_n_dskyz 3 · 0⤊ 0⤋