the demand of a good is d = 144 - 3.1p; the supply of it is s = 3.1p - 37. please find the equilibrium…

the demand of a good is d = 144 - 3.1p; the supply of it is s = 3.1p - 37. please find the equilibrium quantity. hints/example question 16 1 pts the quantity supplied of a good on a market is 31; its quantity demanded is 20. please find the surplus on the market. hints/example question 17 1 pts the quantity supplied of a good on a market is 25; its quantity demanded is 38. please find the shortage on the market. hints/example

the demand of a good is d = 144 - 3.1p; the supply of it is s = 3.1p - 37. please find the equilibrium quantity. hints/example question 16 1 pts the quantity supplied of a good on a market is 31; its quantity demanded is 20. please find the surplus on the market. hints/example question 17 1 pts the quantity supplied of a good on a market is 25; its quantity demanded is 38. please find the shortage on the market. hints/example

Answer

Question 1:

Explanation:

Step1: Set demand equal to supply

$144 - 3.1P=3.1P - 37$

Step2: Solve for P

Add $3.1P$ to both sides: $144=3.1P + 3.1P-37$. Then add 37 to both sides: $144 + 37=6.2P$, so $181 = 6.2P$. Then $P=\frac{181}{6.2}=\frac{1810}{62}=\frac{905}{31}\approx29.19$.

Step3: Find equilibrium quantity

Substitute $P$ into either demand or supply function. Using the supply function $S = 3.1P-37$, $S=3.1\times\frac{905}{31}-37=90.5 - 37 = 53.5$

Answer:

$53.5$

Question 16:

Explanation:

Step1: Use surplus formula

Surplus = Quantity supplied - Quantity demanded

Step2: Calculate surplus

Surplus=$31 - 20=11$

Answer:

$11$

Question 17:

Explanation:

Step1: Use shortage formula

Shortage = Quantity demanded - Quantity supplied

Step2: Calculate shortage

Shortage=$38 - 25 = 13$

Answer:

$13$