Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Consider the...

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Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Consider the PRICE FLOOR (P_high), how much will CONSUMERS purchase?
Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. What is the quantity supplied at P_high?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. How much excess supply exists at P_high?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. How large is the (quantity) surplus at P_high?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Assuming that all trade is voluntary, how many units will be traded at P_high?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. How many units will suppliers attempt to sell at P_high?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. After all transactions at P_high, how many units will be left in inventory of suppliers?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. From P_high what direction will the price move ? (1) Price will increase; (2) Price will decrease; (3) Price will remain at P_high; (4) Price will not move; (5) None of the above.

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Consider P_high, as the market moves to equilibrium, how much additional trade will occur?

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Consider P_high, as the market moves to equilibrium, what price will prevail?

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Sugandh · Accepted Answer

Let (inverse) demand be Pb = 120 - 3 Qb and (inverse) supply be Pv = 28 + 1 Qv. Consider the PRICE FLOOR (P_high), how much will CONSUMERS purchase?
First, find equilibrium in the absence of price ceiling:
Equate inverse demand and inverse supply:
(120  (120- 3*0.5*[((120-28)/(3+1))]) )/ 3
=3420
The  (inverse) demand be Pb = 119 - 3 Qb and (inverse) supply be Pv = 32 + 2 Qv. What is the quantity supplied at P_high?
= ((119 – 3 *0.5((119-32)/(3+2))]) - 32)/ 2
= 119 -1.5*(((87/5)-32)/2)
119-1.5*-7.3
119 – 10.95
= 108.05
The quantity supplied at P_high = 108.05
Let (inverse) demand be Pb = 92 - 2 Qb and (inverse) supply be Pv = 21 + 3 Qv. How much excess supply exists at P_high?
(((92 - 2*0.5*[((92-21)/(3+2))])-21)/3)-((92-((92-2*0.5*[((92-21)/(2+3))])))/2)
excess supply exists at P_high  = 11.833
Let (inverse) demand be Pb = 88 - 5 Qb and (inverse) supply be Pv = 16 + 3 Qv.

Let (inverse) demand be Pb = XXXXXXXXXXQb and (inverse) supply be Pv = XXXXXXXXXXQv. Consider the PRICE FLOOR (P_high), how much will CONSUMERS purchase? Let (inverse) demand be Pb = XXXXXXXXXXQb and...

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