If the market supply function of a commodity is Qs = 3,250 and (a) the market demand function is Qd = 4,750 – 50P

# If the market supply function of a commodity is Qs = 3,250 and (a) the market demand function is Qd = 4,750 – 50P

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1. Revised spreadsheet problem 1: Just answer 1(a) and 1(d). For 1(d), change “For (a) to (c)” to “For (a) only.”

Spreadsheet Problem 1. If the mrket supply function of a commodity is Qs = 3,250 and (a) the market demand function is Qd = 4,750 – 50P and P is expressed in dollars, use Excel to calculate what the equilibrium price is by calculating values of Qd and Qs for P from 25 to 50 in 1’s. (b) If the market demand increases to Q’d = 5,350 – 50P, equilibrium price? (c) If the market demand decreases to Q”d = 4,150 – 50P, what is the equilibrium price? (d) for (a)-(c), if TC= 0.005Q^2-Q, which is the profit in each case. A B C D E F G H 1 2 P QS QD QD’ QD” TR-TC 3 25 4 26 5 27 6 28 7 29 8 30 9 31 10 32 11 33 12 34 13 35 14 36 15 37 16 38 17 39 18 40 19 41 20 42 21 43 22 44 23 45 24 46 25 47 26 48 27 49 28 50 29

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#### Oh Snap! This Answer is Locked

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Excerpt from file: A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 B P 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 C QS 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 3250 D

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