# Problem Set 3 Economics Homework

Anonymous

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4 question economics homework. you can print and answer the questions then scan them. Thanks

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Juniper
School: Boston College

Hello buddy, kindly find your paper attached below. Let me know what you think. Thank you

Problem Set 3

Name: _____________________________

Due February 6th, 2019
1. Assume the market for fruit from a local fruit stand has the supply and demand curves given
below.
Demand: P = 150 – 3*Q
P

60

*

50

*

30

*

20
10

*
E *

Pe
40

Supply: P = 10 + Q

*

*

*

S

*
D
10

20

e

30 Q

40

50

a. Graph supply and demand. Be sure to label all intercepts.
b. If P = \$60, what quantity of fruit will consumers want to buy?
What consumers would want to buy when P=\$60
P=150-3Q
60= 150-3Q
Q= (150-60)/3
=30units

c. If P = \$60, what quantity of fruit will firms want to sell?
What firms would sell when P=\$60

60

Q

P=10+Q
60= 10+Q
Q= 60-10
=50 units

d. Find equilibrium price and quantity in the market for fruit, and label it on your graph.
At equilibrium price and qua...

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