Given that Q d = 20 - 4P and Q = 6P + 12
D...
Given that Q d = 20 - 4P and Q = 6P + 12
Determine the equilibrium quantity
14.2
16.8
20.8
30.2
Correct answer is B
Q d = 20 - 4P and Q = 6P + 12
Qd = Qs
20 - 4p = 6p + 12
20 - 12 = 8
6p + 4p = 10p
p = 8/10 = 0.8
Substitute '0.8' in Qd equation. Hence we will have
Qd = 20 - 4 (0.8)
Qd = 20 - 3.2 = 16.8
Economics is regarded as a science because it ...
Malthusian theory of population was proved wrong because ...
Which of the following functions do retailers perform in an economy? ...
The International Monetary Fund (IMF) is an international organization which ...
One of the problems arising from the localization of industries is ...
If the income of a consumer rises and his demand for good X falls, good X can be described as ...
One of the characteristics of a monopolist is that, he can influence ...
Which of the following is compatible with a firm in a purely competitive market? ...