Let’s consider an oil market that has a demand for oil represented by one of the following equations, and a supply of oil shown by one of the equations below. In the following two equations, Q stands for quantity, and P is price.

Q=20P and Q=1200-10P

 

Question 1:Solve these two equations and find the equilibrium Price and Quantity (please review algebra, and use substitution method or elimination method).

Question 2:Draw the supply and demand curves together using the above two equations. Find the Price and Quantity at the intersection of these curves. (Please upload your file showing the drawing. You can take a picture of your hand-written solution or use MS-Word or Paint software)

Found something interesting ?

• On-time delivery guarantee
• PhD-level professional writers
• Free Plagiarism Report

• 100% money-back guarantee
• Absolute Privacy & Confidentiality
• High Quality custom-written papers

Related Model Questions

Feel free to peruse our college and university model questions. If any our our assignment tasks interests you, click to place your order. Every paper is written by our professional essay writers from scratch to avoid plagiarism. We guarantee highest quality of work besides delivering your paper on time.

Grab your Discount!

25% Coupon Code: SAVE25
get 25% !!