example 3 market equilibrium chapter 2.3 suppose the daily demand for a product is given by, where q...
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![Page 1: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/1.jpg)
example 3 Market Equilibrium
Chapter 2.3
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
200 2p q
60 5p q
a. If the price is $140, how many units are supplied and how many are demanded?
b. Does this price give a surplus or a shortfall of the product?
c. What price gives market equilibrium?
2009 PBLPathways
![Page 2: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/2.jpg)
2009 PBLPathways
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
200 2p q
60 5p q
a. If the price is $140, how many units are supplied and how many are demanded?
b. Does this price give a surplus or a shortfall of the product?
c. What price gives market equilibrium?
![Page 3: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/3.jpg)
2009 PBLPathways
200 2p q
60 5p q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 4: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/4.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
340 2
170
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 5: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/5.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
340 2
170
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 6: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/6.jpg)
2009 PBLPathways
140 200 2
60 2
30
q
q
q
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 7: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/7.jpg)
2009 PBLPathways
140 200 2
60 2
30
q
q
q
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 8: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/8.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 60 5
80 5
16
q
q
q
140 200 2
60 2
30
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 9: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/9.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 10: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/10.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 11: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/11.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 12: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/12.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 13: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/13.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
a. If the price is $140, how many units are supplied and how many are demanded?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 14: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/14.jpg)
2009 PBLPathways
200 2p q
60 5p q
b. Does this price give a surplus or a shortfall of the product?
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60 2
30
q
q
q
140 60 5
80 5
16
q
q
q
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 15: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/15.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2p q
60 5p q
Demand function:
Supply function:
price per unit
quantity of units
140 200 2
60
0
2
3
q
q
q
140 60 5
80 5
16
q
q
q
b. Does this price give a surplus or a shortfall of the product?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 16: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/16.jpg)
2009 PBLPathways
200 2p q
60 5p q
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 17: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/17.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 18: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/18.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5p q
200 2p q
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 19: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/19.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5 200 2q q
60 7 200
7 140
20
q
q
q
(20,160)
Demand
Supply
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 20: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/20.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5 200 2q q
60 7 200
7 140
20
q
q
q
(20,160)
Demand
Supply
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 21: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/21.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5 200 2q q
60 7 200
7 140
20
q
q
q
(20,160)
Demand
Supply
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 22: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/22.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5 200 2q q
60 7 200
7 140
20
q
q
q
(20,160)
Demand
Supply
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
![Page 23: Example 3 Market Equilibrium Chapter 2.3 Suppose the daily demand for a product is given by, where q is the number of units demanded and p is the price](https://reader036.vdocuments.site/reader036/viewer/2022062417/55198f7055034643068b457e/html5/thumbnails/23.jpg)
2009 PBLPathways
200 2p q
60 5p q
200 2
60 5
p q
p q
60 5 200 2q q
60 7 200
7 140
20
q
q
q
(20,160)
Demand
Supply
c. What price gives market equilibrium?
Suppose the daily demand for a product is given by , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is givenby , where q is the number of units supplied and p is the price per unit in dollars.
2009 PBLPathways