Please consider a product that has five different price poin
Please consider a product that has five different price points per unit: $100, $200, $300, $400, and $500 find out the corresponding Quantity Demanded (Qd) and Quantity Supplied (Qs) from the following two equations:
Demand equation: Qd = 1500 -2P
Supply equation: Qs = 3P
Now, your assignment (homework) is to create a three column Table in which you will plot the five price points and corresponding Qd and Qs and then find the equilibrium price (P*) and equilibrium quantity (Q*) using Microsoft excel
Solution
We cant import excel workbook here.
Open microsoft excel.Then click on insert and create table.
| Price | Qd=1500-2P | Qs=3P |
| 100 | 1300 | 300 |
| 200 | 1100 | 600 |
| 300 | 900 | 900 |
| 400 | 700 | 1200 |
| 500 | 500 | 1500 |
