The demand for coffee is given by the following equation, where QP stands for the quantity demanded and P stands for price. QP = 100 - 4P The supply of coffee is given by the following equation, where QS stands for the quantity supplied and P stands for price. Q³ = -10+2P For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis. a. What is the slope of demand? Slope- b. At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? P= c. What is the slope of supply? Slope-[ d. At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)? P= 5
The demand for coffee is given by the following equation, where QP stands for the quantity demanded and P stands for price. QP = 100 - 4P The supply of coffee is given by the following equation, where QS stands for the quantity supplied and P stands for price. Q³ = -10+2P For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis. a. What is the slope of demand? Slope- b. At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? P= c. What is the slope of supply? Slope-[ d. At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)? P= 5
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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-4 as the answer for a) is incorrect and the answer 2 for c) is incorrect.
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