Use the following information to answer the next question. Market for flat-screen TVs: Demand: Qd = 2,600 – 5P Supply: Qs = –1,000 + 10P What would be the equilibrium quantity for flat-screen TVs?

Question

BlackTom AI · Accepted Answer

Set quantity demanded equal to quantity supplied because equilibrium occurs where Qd = Qs.

Relevant concepts:
- Market equilibrium: the price P where quantity demanded equals quantity supplied.
- Given linear demand and supply, solve the two equations simultaneously.

Step-by-step reasoning and calculations:
1. Write the two equations:
   Qd = 2,600 − 5P
   Qs = −1,000 + 10P
2. Set Qd = Qs to find equilibrium price:
   2,600 − 5P = −1,000 + 10P
3. Move P terms to one side and constants to the other:
   2,600 + 1,000 = 10P + 5P
   3,600 = 15P
4. Solve for P:
   P = 3,600 / 15 = 240
   (This is the equilibrium price.)
5. Substitute P = 240 into either equation to find equilibrium quantity:
   Q = 2,600 − 5(240) = 2,600 − 1,200 = 1,400
   Check with supply: Q = −1,000 + 10(240) = −1,000 + 2,400 = 1,400
   Both give the same equilibrium quantity 1,400, confirming the solution.

Why the correct answer is correct:
- The algebra shows P = 240 and the corresponding quantity Q = 1,400. The equilibrium quantity is therefore 1,400, which matches option d.

Why the other options are incorrect:
- a. 140 is ten times smaller than the correct quantity (likely from a calculation error such as dropping a zero).
- b. 1,600 would correspond to a different price (e.g., if someone used P = 100) and does not satisfy both equations.
- c. 240 is the equilibrium price, not the equilibrium quantity; mixing price and quantity yields this incorrect choice.

Conclusion: The equilibrium quantity is 1,400, so the correct choice is d. 1,400.

Use the following information to answer the next question. Market for flat-screen TVs: Demand: Qd = 2,600 – 5P Supply: Qs = –1,000 + 10P What would be the equilibrium quantity for flat-screen TVs?单项选择题

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