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Practice Problems S and D.Jepsen

Practice Problems S and D.Jepsen. Exercise 6.- P = 40-2Q; P = Q. Step 1. - Convert the functions so that the dependent variable to be Q, being Qd the quantity demanded and Qs the quantity supplied . Qd = (40-P)/2; Qd = 20 -½P→Demand curve Qs = P→Supply curve.

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Practice Problems S and D.Jepsen

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  1. PracticeProblems S and D.Jepsen Exercise 6.- P = 40-2Q; P = Q. Step 1.- Convertthefunctions so thatthedependent variable tobe Q, beingQdthequantitydemanded and Qsthequantitysupplied. Qd = (40-P)/2; Qd = 20 -½P→Demand curve Qs = P→Supply curve

  2. PracticeProblems S and D Jepsen Exercise 6.- P = 40-2Q; P = Q. Step 2.- Calculation of theequilibriumpricebysolvingtheequilibriumequation: Qd = Qs Substituting 20 -½P = P Solving 20 = P + ½P; 20 = 3P/2; P = 40/3 €

  3. PracticeProblems S and D Jepsen Exercise 6.- P = 40-2Q; P = Q. Step 3.- Calculation of theequilibriumquantitybysubstituting P oneitherfunctions: Qd = 20 -½P = 20 – ½·40/3 = 13.33 units Qs = 13.33 units

  4. PracticeProblems S and D Jepsen Exercise 6.- P = 40-2Q; P = Q. Step 4.- Graphicrepresentation of equilbriummarket. Demand and supplyschedule: Graph.- Wedrawthegraphontheboard.

  5. PracticeProblems S and D.Jepsen Exercise 7.- P = 30-Q; P = 2Q. Step 1.- Convertthefunctions so thatthedependent variable tobe Q, beingQdthequantitydemanded and Qsthequantitysupplied. Qd = 30-P→Demand curve Qs = ½P→Supply curve

  6. PracticeProblems S and D Jepsen Exercise 7.- P = 30-Q; P = 2Q. Step 2.- Calculation of theequilibriumpricebysolvingtheequilibriumequation: Qd = Qs Substituting 30-P = ½P Solving 30=3P/2; P = 30·2/3 =20 € Equilibriumprice: PE = 20 €

  7. PracticeProblems S and D Jepsen Exercise 7.- P = 30-Q; P = 2Q. Step 3.- Calculation of theequilibriumquantitybysubstituting P oneitherfunctions: Qd = 30-P= 30-20= 10units Qs = ½·20 = 10 units

  8. PracticeProblems S and D Jepsen Exercise 7.- P = 30-Q; P = 2Q. Step 4.- Graphicrepresentation of equilbriummarket. Demand and supplyschedule: Graph.- Wedrawthegraphontheboard.

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