The function of the demand of the population for the product is Qd = 7 – P. The function of the supply
| May 21, 2021 | education
The function of the demand of the population for the product is Qd = 7 – P .. The function of the supply of this product is Qs = –5 + 2P. Suppose a product has a fixed price of 3 rubles. for a unit. Determine the volume of unmet demand (deficit).
Let’s find the amount of demand and the amount of supply at a set price of 3 rubles per unit:
Qd = 10-3
Qs = 7, the amount of demand.
Qs = -5 + 2 * 3 = 6, supply value.
This means that the volume of unmet demand will be equal to:
Qd-Qs = 7-1 = 6, where Qd is the volume of demand, Qs is the volume of supply.
Answer: Volume of deficit = 6
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