{"id":5609,"date":"2020-11-13T16:06:26","date_gmt":"2020-11-13T16:06:26","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=5609"},"modified":"2020-11-13T16:06:26","modified_gmt":"2020-11-13T16:06:26","slug":"demand-estimation-and-elasticity","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/13\/demand-estimation-and-elasticity\/","title":{"rendered":"Demand Estimation and Elasticity"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>This is very advanced math (Algebra) that requires each step of equation to be written out and explained (a sample is provided below). The 7 questions to be answered are in attached document.<\/p>\n<p>The teacher already has answers posted on Chegg and Course Hero please do original work.<\/p>\n<p>Solve for equilibrium and quantity.<\/p>\n<p>Given: Monthly quantity demand function for a product is Qd = 10,000-80P and monthly quantity supply function for a product is Qs=20P.<\/p>\n<p>Here is an example of how to present you work on this problem which would allow me to follow your steps:<\/p>\n<p>1)\u00a0Qd=Qs\u00a0which is also equal to:<\/p>\n<p>2)\u00a010,000 \u2013 80P = 20P<\/p>\n<p>Next add 80P to both sides and divide by 100 to get:<\/p>\n<p>10,000 =100p<\/p>\n<p>Divide by 100 to get P by itself:<br \/>\n100 = P<\/p>\n<p>This is equilibrium price.<\/p>\n<p>Next, you need equilibrium quantity.<\/p>\n<p>Plug the equilibrium price (100) into either\u00a0demand or supply function.<br \/>\nIf we plug it into the demand function you get:<\/p>\n<p>Qd= 10,000 \u2013 80*100 = 2,000<\/p>\n<p>(80*100 is 8,000 and 10,000 minus 8,000 is 2,000)<\/p>\n<p>If you plug it into the supply function you get:<\/p>\n<p>Qs = 20*100 = 2,000<\/p>\n<p>Here, the quantity supplied is equal to the quantity demanded.<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>This is very advanced math (Algebra) that requires each step of equation to be written out and explained (a sample is provided below). The 7 questions to be answered are in attached document. The teacher already has answers posted on Chegg and Course Hero please do original work. Solve for equilibrium and quantity. Given: Monthly&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5609","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Demand Estimation and Elasticity - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/13\/demand-estimation-and-elasticity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demand Estimation and Elasticity - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"This is very advanced math (Algebra) that requires each step of equation to be written out and explained (a sample is provided below). 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