Qd 680-9P + 0.0061 - 4Pr 7. If M = $15,000 and Pr = $20 and the Supply function is Qs = 30 + 3P, the equilibrium price and quantity are respectively: a. P = $55 and Q = 195 b. P = $6 and Q = 38 c. P $12 and Q = 200 d. P = $50 and Q = 170 e. P= $40 and Q = 250 I
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- Using the data in the table below, estimate the demand function for cod. Price, dollars per pound 1.90 1.35 1.25 1.20 0.95 0.85 0.73 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q = 12.53-6.25p. Suppose the quantity in the first row of the table were 2 instead of 1.5. The linear demand function would now be Suppose the quantity in the second row of the table were 3.2 instead of 2.2. The linear demand function would now be Quantity, thousand pounds per day 1.5 Q= - SNES67 524 5 Q= -p. (Enter your responses rounded to two decimal places.) 2.2 4.4 5.9 6.5 7.0 8.8 p. (Enter your responses rounded to two decimal places.)True or False (explain why) The supply function is Qs = 85 + 0,5P, when the price is $100, then quanity supplied of X is 350 unitsThe quantity demanded for the Sony VCR model 37 is 2500 per week when the unit price is $700. For each increase in unit price of $50, the quantity demanded decreases by 250 units. The suppliers will provide 2500 units when the price is $800 per unit, and they will not supply any units for $500 or less. (Note: Define your variables.) A. Algebraically determine the supply equation. (Place in function form.) B. Algebraically determine the demand equation. (Place in function form.) C. Algebraically determine the equilibrium quantity and price. D. At what price does excess supply occur?
- Suppose that the inverse demand curve for a product is given by: P = 100 Qd+ 2M, where M is the average income in 1000 USD. The inverse supply is P = 0.5Q$ - 20. If M = 15 the equilibrium price is %3D %3D equal to and the equilibrium quantity is equal to 40, 60 100, 30 30, 100 60, 40QUESTION 3 Inthe demand equation is D(x) = 79 - 1.65x and the supply equation is S(x) =0.71x+21, find the equilibrium prce. QUESTION 4 If the demand equation for an item is D(x) = -2.2x + 510 and a supplier is willing to supply 90 items at $700 per item, or 120 items at $2100 per item, find the equilibrium quantity, assuming linear supply and demand models.Consumers' Surplus The demand function for a certain brand of CD is given by p = -0.01x? - 0.1x + 19 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus (in dollars) if the market price is set at $7/disc. (Round your answer to two decimal places.) $ 225 The units in the original equation are in thousands. Need Help? Read It Master It Submit Answer
- Assume a demand equation: Qd = 9 - 0.1p - P. + 0.01p + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units P; = price of an input = $450 P= price of a substitute = $200 N = number of firms = 700 Y = consumer income = $20,000 T = index of technology = 300 w = wage rate = $10 If the price is $55, there will be an of thousand units. excess supply excess demand étv 2 MacBook Air 今 DII DD 80 F10 F11 F8 F9 F6 F7 F4 F5 F2 F3The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 166 131 $31 146 181 $43 Use this information to find the following. (a) points on the demand linear equation (x, p) (smaller x-value) (х, р) %3 (larger x-value) points on the supply linear equation (х, р) (smaller x-value) (x, p) = ( ) (larger x-value) (b) the demand equation p = (c) the supply equation p (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity isAssume a demand equation: Qd = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Qe = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good P. = price of a complement = $3 Q = quantity in thousands of units P; = price of an input = $450 Ps= price of a substitute = $200 N = number of firms = 700 T= index of technology = 300 w = wage rate = $10 Y = consumer income = $20,000 If the price is $55, there will be an of thousand units.
- The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x is1. Congratulations, you've been hired as a market analyst for the Federation of Quebec Maple Syrup Producers (QMSP) and you will be responsible for monitoring the market for maple syrup. The market can be described by the following calibrated demand and supply functions: Qd = 1180-20P +2P, (1) (2) Qs = 50P-200 where P is the price of a 16oz bottle of syrup, Pį is the price for a bottle of maple flavored corn syrup, and Qd and Q, are the quantity demanded and the quantity supplied of maple syrup. (a) How much maple syrup should the QMSP be prepared to give away if they decided to give maple syrup to everyone who wants it free of charge as a marketing ploy? (Hint: your answer will depend on Pt) Find the inverse demand and inverse supply equations. Determine the highest price at which suppliers would not be willing to sell any syrup. (b) Assuming that P, = 10, graph (inverse) supply and (inverse) demand for the market with a clearly labeled graph and calculate the equilibrium price (P*)…Consider the demand function for processed pork in Canada, Qd = = 270.00 - 12p +20p + 3pc +0.002Y The supply function for processed pork in Canada is: Qs p is the price of pork Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ rounded to two decimal places.) = 234.00 + 36p - 60ph Pp is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbers