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Given the following supply and demand functions find the Market Equilibrium point: Qs = 10 +15P Qd = 150 -5P. Now assume there is a positive shock in demand: Qd2 = 200 - 5P find the new Equilibrium Price and Quantity.

Market Equilibrium is one of the fundamental concepts in Economics. Graphically our equilibrium will be the point of intersection between Demand and Supply function. On the order hand, In order to solve i...

Answered by Alessandro S. • Economics tutor

5625 Views

Prove Wilson's Theorem, i.e. (p-1)! = -1 (mod p) for any prime number p.

Claim: For any prime p: (p-1)! = -1 (mod p)Proof: For p=2: 1! = 1 so the equality obviously holds. Therefore, we need to consider cases when p is odd.
Let's consider set: {1, ... , p-1}...

Answered by Mateusz P. • Maths tutor

4363 Views

What is the wavefunction of a particle in an infinite square well?

An infinite square well is a region with constant potential energy (inside the well) surrounded by a region of infinite potential energy (outside the well). Therefore, it is impossible for a particle to b...

Answered by Kelvin C. • Physics tutor

1282 Views

In our country, every citizen has one vote. A scheme is proposed which allows anybody to buy additional votes if they want to, with the proceeds being used to pay for good causes. Would this be a good scheme?

Always start with defining the scope of your answer. In this question you need to define the terms "good causes" and "good scheme" before you can give a logical answer. You should spen...

Answered by Alice W. • TSA Oxford tutor

2462 Views

What is the purpose of RAM in a computer?

The main purpose of RAM (Random Access Memory) in a computer is to provide fast access to volatile memory.This memory is loaded out of the primary storage device (Hark Drive or Solid State Drive) when the...

Answered by Luke B. • Computing tutor

1880 Views