In a competitive market the demand curve is given by P = 120–2q and supply by P = q. What are the equilibrium price and quantity traded?Group of answer choicesP* = 60, q* = 60P* = 40, q* = 80P* = 40, q* = 40P* = 20, q* = 40None of the above.

In a market there are two consumers. Each consumer has a demand curve of P = 10–0.5q. What is the market demand curve? Group of answer choicesP = 10 – QP = 10 – 0.25QP = 20 – QP = 10 – 2QP = 20 – 0.5Q

1. In a particular market, demand and supply curves are defined by the following equations: P=100– 0.5QD QS= -200 + 2P where, P is the price in pounds, QS is the quantity supplied and QD¬ is the quantity demanded. (a) What is the equilibrium price and quantity? [5 marks] (b) What is the price elasticity of supply at a price of £35? [5 marks]

Consider a market with a demand curve of P = 134–q and a supply curve of P = 3q. What is the price elasticity of demand at the market equilibrium?

In a competitive market the demand and supply curves are as follows:Demand: Qd = 143 – 2PSupply:    Qs = P/2 - 8.What is the total surplus (TS) in the competitive market equilibrium? [Round your answer to 1 decimal place (e.g. 24.3)]

The demand and supply functions for different firms are given belowi) Qd = 200 – 2PQs= - 20 + 2Pii) Qd = 51 – 3PQs = -4 +8PDetermine the equilibrium price and equilibrium quantity for each firm