i need it in words not handwritten 1. The supply and demand functions for a product are as follows:Qs = 1,160P – 347Qd = 1,611 - 1,040P%3Dwhere:Qs =quantity supplied (thousands of units per month)Qd = quantity demanded (thousands of units per month)= price per unit (US$).%3Da) i) Determine the equilibrium price and quantity in this market.ii) Sketch the supply and demand functions, labelling intercepts withthe axes and the equilibrium point.ii) Calculate the total monthly revenue if this price and quantity aretraded.b) Due to a shortage of raw materials, suppliers are willing to offer a smallerquantity at each price. This shortage causes suppliers to reduce thesupply at each price by 176,000 units per month.i) Write down the new supply function.ii) Calculate the new equilibrium price and quantity traded.iii) Sketch the effect of this reduction on your diagram.iv) Determine the amount of subsidy per unit that the governmentwould need to pay in order for the suppliers to be willing to supplythe same quantity as in part a).

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1. The supply and demand functions for a product are as follows: Qs = 1,160P – 347 Qd = 1,611 - 1,040P %3D %3D where: Qs = quantity supplied (thousands of units per month) Qd = quantity demanded (thousands of units per month) = price per unit (US$). %3D %3D a) i) Determine the equilibrium price and quantity in this market. ii) Sketch the supply and demand functions, labelling intercepts with the axes and the equilibrium point. ii) Calculate the total monthly revenue if this price and quantity are traded.

1. The supply and demand functions for a product are as follows: Qs = 1,160P – 347 Qd = 1,611 - 1,040P %3D %3D where: Qs = quantity supplied (thousands of units per month) Qd = quantity demanded (thousands of units per month) = price per unit (US$). %3D %3D a) i) Determine the equilibrium price and quantity in this market. ii) Sketch the supply and demand functions, labelling intercepts with the axes and the equilibrium point. ii) Calculate the total monthly revenue if this price and quantity are traded.

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

i need it in words not handwritten

1. The supply and demand functions for a product are as follows:
Qs = 1,160P – 347
Qd = 1,611 - 1,040P
%3D
where:
Qs =
quantity supplied (thousands of units per month)
Qd = quantity demanded (thousands of units per month)
= price per unit (US$).
%3D
a) i) Determine the equilibrium price and quantity in this market.
ii) Sketch the supply and demand functions, labelling intercepts with
the axes and the equilibrium point.
ii) Calculate the total monthly revenue if this price and quantity are
traded.
b) Due to a shortage of raw materials, suppliers are willing to offer a smaller
quantity at each price. This shortage causes suppliers to reduce the
supply at each price by 176,000 units per month.
i) Write down the new supply function.
ii) Calculate the new equilibrium price and quantity traded.
iii) Sketch the effect of this reduction on your diagram.
iv) Determine the amount of subsidy per unit that the government
would need to pay in order for the suppliers to be willing to supply
the same quantity as in part a).

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