I am a math nerd, but I'm working on my majorly lacking derivative analysis calculus. Trying to break into better understanding market equilibrium. I found some example questions that I am working through.
DEMAND: 344 - 2x
SUPPLY: 80 + 4x
The questions:
1. What are the value of the equilibrium price and quantity? I already devised 44 as the value of x, is this the answer to both price and quantity, or just one of them?
2. How exactly would graph these two functions by hand? Kind of a vague question, but I'm unsure how a function like this actually graphed.
3. The value of surplus at equilibrium quantity is $___? Based on this question I am assuming that the 256 I devised for x is the quantity, not the price/value?
4. At what price would there be a surplus of 50? Completely lost here, but I am assuming you use the original formulas in some manner.
Not for school or any sort of homework, just for personal knowledge. Thanks!