1. Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. 6) Find a linear equation for the: 0. Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded. 2.The demand curve for a product is p50-00005q- where p is the price per unit. and q is the number of units demanded. How many units must be sold to achieve sales of S1,200,000?

1. Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. 6) Find a linear equation for the: 0. Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded. 2.The demand curve for a product is p50-00005q- where p is the price per unit. and q is the number of units demanded. How many units must be sold to achieve sales of S1,200,000?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Elasticity of Demand and Supply

The elasticity of demand and supply are two important concepts of microeconomics. The elasticity of demand measures the responsiveness of consumers’ demands to the price change, changes in income of consumers, and changes in the price of the related goods. Similarly, the elasticity of supply refers to the proportionate change in the quantity supplied due to the proportionate change in the price. In other words, it can be said that elasticity of supply measures how the quantity of supply changes when the price changes of that particular product.

Question

1. Suppose consumers will demand 40 units of product when
the price is $12 and 25 units when the price is $18 each.
6). Find a linear equation for the:
0. Demand curve.
(ii). Demand function.
(b). Find the price per unit when 30 units are demanded.
2 The demand Curve for a prodtuct is p= 60-0.00OSC where p iE the price per unit.
and q is the number of units demancec.
How many units must be sold to achieve sales of $1.200,000?

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