10 Segismundo, Ma. Isabella 12 Gilead Apolaki Week 5 Textbook Exercises
10 Segismundo, Ma. Isabella 12 Gilead Apolaki Week 5 Textbook Exercises
10 Segismundo, Ma. Isabella 12 Gilead Apolaki Week 5 Textbook Exercises
Summative Assessment II
II. A. Using the following demand function, solve for the demand schedule of consumer Robert
given the following prices for bottled water:
Qd = 60 – P/2
Prices Qd
₱0 60 – (0) P/2 -> 60 – 0 = 60
B. On the other hand, for Rudolph, a seller of bottled water in the market, the supply function
is given as:
Qs = 5 + 5P
Prices Qs
₱0 5 + 5(0) -> 5 + 0 = 5
2 5 + 5(2) -> 5 + 10 = 15
4 5 + 5(4) -> 5 + 20 = 25
6 5 + 5(6) -> 5 + 30 = 35
8 5 + 5(8) -> 5 + 40 = 45
10 5 + 5(10) -> 5 + 50 = 55
12 5 + 5(12) -> 5 + 60 = 65
14 5 + 5(14) -> 5 + 70 = 75
16 5 + 5(16) -> 5 + 80 = 85
Construct the supply curve of Rudolph and put it in a graph with Robert’s demand curve.
Assuming that Rudolph is the only seller and Robert is the only buyer in the market, identify the
equilibrium price and quantity
P Qs
0 60 5
2 59 15
4 58 25
6 57 35
8 56 45
10 55 55
12 54 65
14 53 75
16 52 85
Therefore, the equilibrium price and quantity of this instance would be 55.
16
14
12
10
8
4
2
0
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85
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