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example 3 Market Equilibrium Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. 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? Chapter 2.3 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. 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 Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 340 2q 170 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 340 2q 170 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. a. If the price is $140, how many units are supplied and how many are demanded? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. b. Does this price give a surplus or a shortfall of the product? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. b. Does this price give a surplus or a shortfall of the product? Demand function: p 200 2q price per unit Supply function: quantity of units p 60 5q 140 200 2q 60 2q 30 q 140 60 5q 80 5q 16 q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q p 200 2q p 60 5q 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q Supply 60 5q 200 2q 60 7 q 200 7 q 140 q 20 (20,160) Demand 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q Supply 60 5q 200 2q 60 7 q 200 7 q 140 q 20 (20,160) Demand 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q Supply 60 5q 200 2q 60 7 q 200 7 q 140 q 20 (20,160) Demand 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q Supply 60 5q 200 2q 60 7 q 200 7 q 140 q 20 (20,160) Demand 2009 PBLPathways Suppose the daily demand for a product is given by p 200 2q , where q is the number of units demanded and p is the price per unit in dollars, and that the daily supply is given by p 60 5q , where q is the number of units supplied and p is the price per unit in dollars. c. What price gives market equilibrium? p 200 2q p 60 5q Supply 60 5q 200 2q 60 7 q 200 7 q 140 q 20 (20,160) Demand 2009 PBLPathways