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Economic Theory Question

Discussion in 'Economics' started by Ac1993, Nov 1, 2012.

1. Ac1993

Two companies have the same labor supply curve:
Supply Curve: Qs= 2P

The demand curve for the industry is:
Demand Curve: Qd=60-6P

What is the equilibrium price and the equilibrium quantity for an hour of labor based on these numbers?

2. TGregg

JFC, if you want us to do your damn homework for you, at least define the variables.

3. CET

Assuming Qs is supply quantity and Qd is demand quantity then at equilibrium 2P = 60-6P ... 8P = 60 ... P = 7.5. Then plug known P into either equation to get Q, which is 15.

4. Random.Capital

Honestly, if you have to resort to ET to help you figure out the intersection of two straight lines, you might want to think about a different field of endeavour.

5. nazzdack

Do you attend Rutgers or Syracuse? :eek:

6. oldtime

it's for his high school computer information gathering class

they give you a question and the correct answer. If you can get somebody online to give you the correct answer you print it out and hand it in and the teacher gives you an A.

7. morganist

Yeah I think this is right. I have to admit it took me a minute to see where you got 8P then I realised you added 6p to each side to get the 8p = 60.

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