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Econ 670

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ECON 670 Lynn Dzame Ndaro
Exam 1

1. Describe what would happen in a market if the current price was above the equilibrium price (assume no government intervention).

When the current price is above the equilibrium price, there is a surplus of the product i.e. excessive supply because suppliers are producing more of the product at higher prices to increase profits. Consumers however are will end up purchasing less because generally they are not willing to buy large quantity of goods at a higher price.

2. Consider the general demand function: QD = 8,000 – 16P + 0.75M + 30PR A. Derive the demand curve when M = $30,000 and PR = $50.

QD = 8,000 – 16P + 0.75 (30,000) + 30 (50)
QD = 8,000 – 16P + 22,500 + 1500
QD = 32,000 – 16P

B. Calculate the quantity demanded when the price of the good is $1,000.

QD = 32,000 – 16P
QD = 32,000 – 16 (1000)
QD = 16,000

C. How much is consumer surplus at this price?

Selling Price = P = $1,000
Quantity Demand = QD = 16,000

C.S. = ½ x b x h
C.S. = ½ x 16,000 x 1,000
C.S. = 8,000,000

D. Now, find the market clearing price and quantity if Qs = 1000 + 10P

Qs = 1000 + 10P
QD = 32,000 – 16P

QS = QD
1000 + 10P = 32,000 – 16P
10P + 16P = 32,000 – 1000
26P = 31,000
P = $1192.30

QS = 1000 + 10P
QS = 1000 + 10(1,192.30)
QS = 1000 + 11923
QS = 12923

QD = 32,000 – 16P
QD = 32,000 – 16(1,192.30)
QD = 32,000 – 1, 9076.80
QD = 1,

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