Solve these equations in photos MICRO Exercises1. Given the following demand and supply curves:P=170-4QP = 50 +8QA. Calculate the equilibrium price and quantity.B. Graph (sketch) the demand curve, supply curve andequilibrium price and quantity.C. Calculate the point price elasticity of demand at theequilibrium point. Explain what it means.D. Calculate the point price elasticity of supply at theequilibrium point. Explain what it means.2. Springfield Nuclear Power Plant estimated the following longrun cost and output information:Output (Q) Long-Run Total Cost (LTC)_101520$7,00012,00020,000A. Calculate the arc LTC elasticity over the output from 10 to15.B. Calculate the arc LTC elasticity over the output from 15 to20.C. Comment on the returns to scale. Explain fully.3. Springfield's existing power plant has the following short-runtotal cost curve:TC=50+50Q + 2Q¹and marginal cost is the first derivative:MC 50+40A. In reference to MC and to AVC, would you recommendproducing at Q = 4, or at higher outputs, provided there is atleast a zero (normal) economic profit?B. What if economic profit is zero at the profit maximizingpoint, would you recommend shutting down?4. We are analyzing two separate but related markets: the market 4. We are analyzing two separate but related markets: the marketfor tennis racquets and the market for tennis balls.A. Graphically present and explain, via supply and demandcurves, what will happen to the market equilibrium price andquantity of tennis racquets if a new production technique lowersthe per unit cost of tennis racquet production.B. Is the above analysis demonstrating the law of supply?Explain.C. Graphically present and explain, via supply and demandcurves, what will happen to the market equilibrium price andquantity of tennis balls given the results of your answer in partA.D. Is the above analysis (part C) demonstrating the law ofsupply? Explain.

“Since you have posted multiple questions, we will provide the solution only to the first question…

1. Given the following demand and supply curves: P=170-4Q P = 50+8Q A. Calculate the equilibrium price and quantity. B. Graph (sketch) the demand curve, supply curve and equilibrium price and quantity. C. Calculate the point price elasticity of demand at the equilibrium point. Explain what it means. D. Calculate the point price elasticity of supply at the equilibrium point. Explain what it means.

1. Given the following demand and supply curves: P=170-4Q P = 50+8Q A. Calculate the equilibrium price and quantity. B. Graph (sketch) the demand curve, supply curve and equilibrium price and quantity. C. Calculate the point price elasticity of demand at the equilibrium point. Explain what it means. D. Calculate the point price elasticity of supply at the equilibrium point. Explain what it means.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solve these equations in photos

MICRO Exercises
1. Given the following demand and supply curves:
P=170-4Q
P = 50 +8Q
A. Calculate the equilibrium price and quantity.
B. Graph (sketch) the demand curve, supply curve and
equilibrium price and quantity.
C. Calculate the point price elasticity of demand at the
equilibrium point. Explain what it means.
D. Calculate the point price elasticity of supply at the
equilibrium point. Explain what it means.
2. Springfield Nuclear Power Plant estimated the following long
run cost and output information:
Output (Q) Long-Run Total Cost (LTC)_
10
15
20
$7,000
12,000
20,000
A. Calculate the arc LTC elasticity over the output from 10 to
15.
B. Calculate the arc LTC elasticity over the output from 15 to
20.
C. Comment on the returns to scale. Explain fully.
3. Springfield's existing power plant has the following short-run
total cost curve:
TC=50+50Q + 2Q¹
and marginal cost is the first derivative:
MC 50+40
A. In reference to MC and to AVC, would you recommend
producing at Q = 4, or at higher outputs, provided there is at
least a zero (normal) economic profit?
B. What if economic profit is zero at the profit maximizing
point, would you recommend shutting down?
4. We are analyzing two separate but related markets: the market

4. We are analyzing two separate but related markets: the market
for tennis racquets and the market for tennis balls.
A. Graphically present and explain, via supply and demand
curves, what will happen to the market equilibrium price and
quantity of tennis racquets if a new production technique lowers
the per unit cost of tennis racquet production.
B. Is the above analysis demonstrating the law of supply?
Explain.
C. Graphically present and explain, via supply and demand
curves, what will happen to the market equilibrium price and
quantity of tennis balls given the results of your answer in part
A.
D. Is the above analysis (part C) demonstrating the law of
supply? Explain.

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Step 1: Define Market Equilibrium

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Step 2: Find the Market Equilibrium.

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Step 3: Sketch the demand and supply curves, and point the equilibrium.

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Step 4: Find the point elasticity of demand.

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Step 5: Find the point elasticity of supply.

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