Basic Microeconomics

Assignment No. 2

Solve for the equilibrium price, equilibrium quantity supply and equilibrium quantity demand of
the following pairs of demand and supply functions. Write your answers in a sheet of yellow pad.
Item number 1 is done for you.

1. Given:
Qd= -50P+550
Qs= 100P+ 100
Solution:

-50P+550 = 100P+100 Qd = -50P+550 Qs = 100P + 100

-50P-100P = -550+100 Qd = -50(3)+550 Qs = 100(3) + 100
-150P = -450 Qd = -150+550 Qs = 300 + 100
-150P/-150 = -450/-150 Qd = 400 Qs = 400
P=3

2. Given:
Qd = -20P+720
Qs = 4P+360
3. Given:
Qd = -51P+740
Qs = 18P+119
4. Given:
Qd = -8P+932
Qs = 3P+756
5. Given:
Qd= -6P+3381
Qs= 42P+ 405