economics homework

  

1. Assume a demand and supply curve have the following slopes:

Demand curve: 100 - .75q

Supply curve (marginal cost): 10

Graph and Label the following:

a. Equilibrium point (price and quantity)

b. Total Willingness to Pay

c. Total Costs

d. Net Benefits

Change the curves to the following:

Demand curve: 150 – q2 + 2q

Supply curve: 6 + 2q

Find the Equilibrium point (price and quantity)