Activity – Market Equilibrium, Price, and Quantity.
Review the following video:
- https://www.youtube.com/watch?v=qTRNU_b4iww (5.47 Minutes)
After reviewing the video, attend the class and be prepared to explain:
- How, mathematically, equilibrium quantity can be calculated, given the demand and supply functions for the firm.
- How equilibrium price can be calculated.
Given equilibrium price and quantity, how changes in demand and or supply can bring about changes in equilibrium price and quantity.