Supacold

03-02-2008 11:07:43

The question....

Suppose the demand and milk is described by the following equations QD= 600-100P; QS -150+150P, where P is the price.

i have no idea how to interpret that equation...

a. solve for equilibrium price and quantity of milk.

anyone taken macroecon or knows how to interpret this please lend a hand!!

Suppose the demand and milk is described by the following equations QD= 600-100P; QS -150+150P, where P is the price.

i have no idea how to interpret that equation...

a. solve for equilibrium price and quantity of milk.

anyone taken macroecon or knows how to interpret this please lend a hand!!

hehehhehe

03-02-2008 11:31:51

Ask yourself what equilibrium is, or look it up. That'll tell you what to do with the two equations. After that, it's junior high algebra.

ilanbg

03-02-2008 11:53:04

Set QD equal to QS and solve for P.

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8 ) = 420

QS = 150 + 150(1.8 ) = 420

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8 ) = 420

QS = 150 + 150(1.8 ) = 420

bruman

03-02-2008 12:01:47

[quoteeb203a9dc3="ilanbg"]Set QD equal to QS and solve for P.

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8) = 420

QS = 150 + 150(1.8) = 420[/quoteeb203a9dc3]

Did you get accepted to Harvard yet?

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8) = 420

QS = 150 + 150(1.8) = 420[/quoteeb203a9dc3]

Did you get accepted to Harvard yet?

Supacold

03-02-2008 12:02:17

Wow its so much clearer now lol... Thanks alot

ilanbg

03-02-2008 12:11:08

[quote4fe453aa33="bruman"]Did you get accepted to Harvard yet?[/quote4fe453aa33]

Application is due Feb. 15... I'm flying up to Boston this weekend to visit. I don't find out if I've been accepted until [i4fe453aa33]June[/i4fe453aa33]. (

(Not that I place great odds on being accepted...)

EDIT lol, I was actually procrastinating from writing one of the essays for that application right now. Back to work for me.

Application is due Feb. 15... I'm flying up to Boston this weekend to visit. I don't find out if I've been accepted until [i4fe453aa33]June[/i4fe453aa33]. (

(Not that I place great odds on being accepted...)

EDIT lol, I was actually procrastinating from writing one of the essays for that application right now. Back to work for me.

hehehhehe

03-02-2008 12:31:47

[quote886722c2c7="ilanbg"]Set QD equal to QS and solve for P.

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8 ) = 420

QS = 150 + 150(1.8 ) = 420[/quote886722c2c7]

You have to make him at least work for it a little bit...

600-100P = 150+150P

600 = 150+250P

450 = 250P

P = 1.8

Then plug 1.8 into either equation (since it is an equilibrium, you know they have to equal each other)

QD = 600 - 100(1.8 ) = 420

QS = 150 + 150(1.8 ) = 420[/quote886722c2c7]

You have to make him at least work for it a little bit...

J4320

03-02-2008 13:07:06

It's basically

y=mx + b

If you didn't notice. Are you familiar with this type of graph --

http//upload.wikimedia.org/wikipedia/commons/7/7a/Supply-and-demand.svg

?

BTW that's more of a mircroecon question... but I'm not surprised that you have it, I'm in macroecon right now and when we first started we reviewed the supply and demand graph because it's important.

Equlibrium is where Q1 and P1 meet. Demand rose in that graph so it changed the equilibrium.

y=mx + b

If you didn't notice. Are you familiar with this type of graph --

http//upload.wikimedia.org/wikipedia/commons/7/7a/Supply-and-demand.svg

?

BTW that's more of a mircroecon question... but I'm not surprised that you have it, I'm in macroecon right now and when we first started we reviewed the supply and demand graph because it's important.

Equlibrium is where Q1 and P1 meet. Demand rose in that graph so it changed the equilibrium.

ilanbg

03-02-2008 13:57:24

[quote22c07927cf="hehehhehe"]You have to make him at least work for it a little bit...[/quote22c07927cf]

Whatevs. Up to him what to ask and up to him what to do with the answer.

[quote22c07927cf]Equlibrium is where Q1 and P1 meet. Demand rose in that graph so it changed the equilibrium.[/quote22c07927cf]

Equilibrium is actually the price where Q1 and S1 meet.

(I don't know what that link was but it just led to some download that I wasn't able to answer, so maybe your comment makes since in that context.)

Whatevs. Up to him what to ask and up to him what to do with the answer.

[quote22c07927cf]Equlibrium is where Q1 and P1 meet. Demand rose in that graph so it changed the equilibrium.[/quote22c07927cf]

Equilibrium is actually the price where Q1 and S1 meet.

(I don't know what that link was but it just led to some download that I wasn't able to answer, so maybe your comment makes since in that context.)

J4320

03-02-2008 14:17:38

it duz

zdub08

20-03-2008 22:07:03

[quote0050ec9ac2="ilanbg"][quote0050ec9ac2="bruman"]Did you get accepted to Harvard yet?[/quote0050ec9ac2]

Application is due Feb. 15... I'm flying up to Boston this weekend to visit. I don't find out if I've been accepted until [i0050ec9ac2]June[/i0050ec9ac2]. (

(Not that I place great odds on being accepted...)

EDIT lol, I was actually procrastinating from writing one of the essays for that application right now. Back to work for me.[/quote0050ec9ac2]

http//www.admissions.college.harvard.edu/prospective/transfer/index.html

ouch

Application is due Feb. 15... I'm flying up to Boston this weekend to visit. I don't find out if I've been accepted until [i0050ec9ac2]June[/i0050ec9ac2]. (

(Not that I place great odds on being accepted...)

EDIT lol, I was actually procrastinating from writing one of the essays for that application right now. Back to work for me.[/quote0050ec9ac2]

http//www.admissions.college.harvard.edu/prospective/transfer/index.html

ouch

samz465

20-03-2008 23:07:44

Woah, so they just like screw everyone who sent in an application now?

They didn't give any prior notice?

Btw-Zdub where is your avatar?

They didn't give any prior notice?

Btw-Zdub where is your avatar?

zdub08

20-03-2008 23:46:18

"Woah, so they just like screw everyone who sent in an application now?"

yep... http//talk.collegeconfidential.com/harvard-university/476671-transfer-admissions-announcement.html

I was trying to switch my avatar to a jayhawk for the tourney but i messed it up. I'll fix it soon.

yep... http//talk.collegeconfidential.com/harvard-university/476671-transfer-admissions-announcement.html

I was trying to switch my avatar to a jayhawk for the tourney but i messed it up. I'll fix it soon.

samz465

21-03-2008 00:07:29

[quoteda0feff36e="zdub08"]"Woah, so they just like screw everyone who sent in an application now?"

yep... http//talk.collegeconfidential.com/harvard-university/476671-transfer-admissions-announcement.html

I was trying to switch my avatar to a jayhawk for the tourney but i messed it up. I'll fix it soon.[/quoteda0feff36e]

Did you switch it because you're like real blah right now?

yep... http//talk.collegeconfidential.com/harvard-university/476671-transfer-admissions-announcement.html

I was trying to switch my avatar to a jayhawk for the tourney but i messed it up. I'll fix it soon.[/quoteda0feff36e]

Did you switch it because you're like real blah right now?

zdub08

21-03-2008 09:36:04

thats another tfoaf quote )

samz465

21-03-2008 16:10:23

Haha oh, didn't realize that =P.