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- The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)a) The demand function for a product is p = 60 3-9/15) where q is the number of units and p is the price of one unit. At what price will the demand be 15 units? How many units will be demanded if the price is $41.60?4. There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: (a) Determine the associated linear demand function (b) Determine the linear supply function. (c) At what price should the camera be sold so that there is neither a surplus nor a shortage?
- Lumber-4-Less knows that the monthly demand for framing studs is 2550 when the price is $1.75 each, but the demand rises to 3050 when the price decreases to $1.70. Assuming that the demand function is linear, write the equation for the demand function. Use q for quantity. P =Suppose a certain home improvement outlet knows that the monthly demand for framing studs is 2,700 when the price is $5.46 each but that the demand is 3,300 when the price is $5.34 each. Assuming that the demand function is linear, write its equation. Use p for price (in dollars) and q for quantity.Given the supply and demand schedules for calculators shown below, what is the market’s equilibrium price? Demand Schedule for Calculators Supply Schedule for Calculators Price ($) Quantity Price ($) Quantity 50 0 50 16 40 4 40 12 30 8 30 8 20 12 20 6 10 16 10 3 1 20 1 0
- The demand equation for school lunches is x=100-10pwhere x is the number of lunches purchases and p is the price in dollars. Which of the following represents E(p)? A) p/10-p b) -p/10-p c) p/20-p d) -p/100-10p e) p2/100-10pThe following relations describe monthly demand and supply for a computer support service catering to small businesses.Q D = 3,000 - 10PQ S = -1,000 + 10Pwhere Q is the number of businesses that need services and P is the monthly fee, in dollars.a. At what average monthly fee would demand equal zero?b. At what average monthly fee would supply equal zero?c. Plot the supply and demand curves.d. What is the equilibrium price/output level?e. Suppose demand increases and leads to a new demand curve:6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and price
- Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q (demand) P = 20 + Q (supply) a) Calculate the equilibrium quantity.The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…