If the market supply function of a commodity is qs = 3,250 and (a) the market demand function is Qd = 4,750 50P and P is expressed in dollars, use excel to calculate what the
equilibrium price is by calculating values of Qd and Qs for P from 25 to 50 in 1’s. (d) For
(a) – (c), if TC=0.005Q^2Q, what is the profit in each case?
Revised spreadsheet problem 1: Just answer (a) and 1(d). For (d), change “For (a) to (c)” to “For (a) only.” Show all work and fill out spreadsheet.
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