ECON101 Microeconomic Theory Assignment Sample
Table of Contents
Question 1.
Question 2.
Question 3.
References.
Principles of Microeconomics - Question 1
1a) At the level of equilibrium, Quantity demanded= Quantity Supplied that is Qd=Qs
Give, Quantity Demanded= 100-5P=5P
5P+5P=100
10P=100
Equilibrium Price =100/10
Equilibrium Price=$10
So, substituting the value of Equilibrium Price obtained to get the value of Equilibrium Quantity we get,
Equili…
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