Economic Theory Question

[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?

 

[TGregg]

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

 

[CET]

Quote from 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?

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.

 

[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.

 

[nazzdack]

Quote from Ac1993:
----Two companies.....(yada, yada)......

Do you attend Rutgers or Syracuse? :eek:

 

[oldtime]

Quote from nazzdack:

Do you attend Rutgers or Syracuse? :eek:

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.

 

[morganist]

Quote from 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.

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.