Given: qd = 50 - p, qs = 20 + p
To find eq and ep, we need to solve for p in both equations.
qd = 50 - p
qs = 20 + p
To find eq, we set qd equal to qs:
50 - p = 20 + p
To find ep, we set qd equal to 0:
50 - p = 0
Now, let's solve for p in both equations.
For eq:
50 - p = 20 + p
To isolate p, we can add p to both sides:
50 = 20 + 2p
Next, subtract 20 from both sides:
30 = 2p
Finally, divide both sides by 2:
15 = p
Therefore, eq = 15.
For ep:
50 - p = 0
To isolate p, we can subtract 50 from both sides:
-p = -50
Next, multiply both sides by -1 to change the sign:
p = 50
Therefore, ep = 50.
Now, let's find the new qd and qs when the curve shifts to 40 + 3p.
To find the new qd, we substitute the new equation into qd:
qd = 40 + 3p
To find the new qs, we substitute the new equation into qs:
qs = 20 + p
Therefore, the new qd is 40 + 3p and the new qs is 20 + p.