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Math Help - Demand and Supply question

  1. #1
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    Demand and Supply question

    Hi, I just found this forum and thought it'd be a good idea to join because I suck at Financial Maths and I'm repeating it in a month. I need help pretty bad (I'm not desperate for it, it's just I'm utterly useless at it)
    Here's the question I have anyway :
    The demand and supply functions for a good are given by
    Demand function : P=100-.05Q
    Supply function : P= 10 +0.5Q

    (i) Analyse the effect of the introduction of a price ceiling of 40 in this market.
    (ii) Calculate the profit made by black marketeers if a black market operated in this market.
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by dubfire View Post
    Hi, I just found this forum and thought it'd be a good idea to join because I suck at Financial Maths and I'm repeating it in a month. I need help pretty bad (I'm not desperate for it, it's just I'm utterly useless at it)
    Here's the question I have anyway :
    The demand and supply functions for a good are given by
    Demand function : P=100-.05Q
    Supply function : P= 10 +0.5Q

    (i) Analyse the effect of the introduction of a price ceiling of 40 in this market.
    (ii) Calculate the profit made by black marketeers if a black market operated in this market.
    Rearranging the equations the demand at price p is:

    d=2000-20p

    and the supply is:

    s=2p-20.

    CB
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