stuck on macroecon homework

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!!

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.

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="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?

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

[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.

[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...

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.

[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.)

it duz

[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

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?

"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="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?

thats another tfoaf quote )

Haha oh, didn't realize that =P.