(a) Each firm has the cost function c(q) = Bq². Solve for the equilibrium price p2. There are n firms operating in the competitive market for good 2.
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- Find the equilibrium point for the supply and demand functions below. Enter your answer as an ordered pair. S(x)=4x+6 and D(x)=48-3xStutz Department Store will buy 10 pairs of sunglasses if the price is $76 per pair and 30 pairs if the price is $26. The supplier of the sunglasses is willing to provide 35 pairs if the price is $81 per pair but only 5 pairs if the price is $21. Assuming that the supply and demand functions for the sunglasses are linear, find the market equilibrium point. Suppose that in a certain market the demand function for a product is given by 10p + q = 2,100 and the supply function is given by 50p − q = 1,350. (Assume price is measured in dollars.) If the government levies a tax of $3 per item, find the equilibrium point after the tax is levied. The tax is added to the selling price of the product.Ayana is pitching an idea for a startup company that makes and sells solar-powered phonechargers (C). Her market research has found that consumer demand for this product can beexpressed as a function of the price of the charger itself (PC), the price of phones (PF), andthe consmer’s income (I). Consumer demand can be described by the function C(PC, PF, I) =(i−10PC)/ (PF) Suppose her chargers come in all different capacities to meet any quantity demanded, so youdon’t need to worry about restricting C to whole numbers for this problem. (a) Does this product satisfy the law of demand?Explain.
- Ayana is pitching an idea for a startup company that makes and sells solar-powered phonechargers (C). Her market research has found that consumer demand for this product can beexpressed as a function of the price of the charger itself (PC), the price of phones (PF), andthe consmer’s income (I). Consumer demand can be described by the function C(PC, PF, I) =(i−10PC)/ (PF) Suppose her chargers come in all different capacities to meet any quantity demanded, so youdon’t need to worry about restricting C to whole numbers for this problem. (a) Does this product satisfy the law of demand?Explain. (b) Calculate consumers’ income elasticity as a function of the parameters. (c) Anaya is targeting a market whose income is expected to double over the next five years.Explain whether she should expect the demand for chargers to increase or decrease, andby how much, using the language of normal, inferior, luxury, and necessity goods. (d) Calculate the cross-price elasticity ofCwith respect toPF. (e)…The utility function of Master Enterprise is U (T, M) = T'/4 M³/4 Where T and M are the two goods that the Enterprise sells. The owner of the Enterprise is interested in finding out the demand function of its product. Help him: • Find the demand function for Good T and Good M. • Use an Income of $8000 and the Price of Good I as $5.00 while the price of Good M as $12 to find the optimum bundles of Good T and M.Which of the following represents the individual consumer's demand function if the inverse market demand function is given to be P = 32 – 0.04Q for a group of 10 identical consumers? Select one: QD = 40 + 1.25P QD = 800 –25P QD = 40 – 1.25P QD = 80 – 2.5P
- The utility function of Master Enterprise is U (T, M) = T/4 M³/4 Where T and M are the two goods that the Enterprise sells. The owner of the Enterprise is interested in finding out the demand function of its product. Help him: Find the demand function for Good T and Good M.Pat is a representative consumer in the neighbourhood market for Jr Chickens. Their utility function for JCs and all other goods is given by: U(JC,Y) = 10JC – (JC^2)/2 + Y MUc = 10- JC MUy= 1 Every McDonald's franchise has the following production function for Jr Chickens: JC = 4K^(1/2) + 2L^(1/2) MPx = 2/K^(1/2) MPL= 1/L^(1/2) a. Derive Pat's Marshallian demand for Jr. Chickens. You can assume Pat has a trust fund and can always afford it. b. There are five other people in the neighbourhood who like Jr Chickens. What is the neighbourhood's market demand for JCs? c. What is the price elasticity of demand when P= 1, 5 and 9? Note: dQ/dP = -5. d. Derive the conditional factor demands for K and L for a McDonald's franchise.If the demand functions are determined as follows : (In the picture) Find : its market equilibrium condition
- Please Suppose there are 3 buyers in a market who have the following demand equations: D1(p) = 22 – 2p D2(p) = 16 – p D3(p) = 41 – 3p a) What is market demand equal to at a price of 14? b) What is market demand equal to at a price of 16? c) Draw side-by-side graphs of the inverse demand functions for each of the three consumers and the market as a whole.Please answer the question fully and completely else I will rate negative, thanks! Question 3 Consider an economy with two consumers, A and B, two goods called 1 and 2 and one firm. Consumers A and B are each endowed with a unit of each good. The utility functions of each consumer are: A: 13 4 4 u (x₁‚x2 ) = lnx₁ + Inx2 B:u ₁₂ (x, ‚ x 2 ) = x, x 2 The firm B 1 A 1 1 2 produces good 2 using good 1 as an input, according to the production function f(y) = y where y is the quantity of good 1. Consumer A is the sole shareholder of the firm and the firm operates to maximize profit. Page 2 If P₁ and P2 determine the utility maximizing demand of consumer are the per unit prices of goods 1 and 2, . B for each good as a function of p, and P2 · If P₁ P 2 1 and are the per unit prices of goods 1 and 2, determine the profit maximizing demand of the firm for good 1 as a function of p₁ and p2. Ifp, and p2 are the per unit 1 prices of goods 1 and 2, determine the utility maximizing demand of consumer…A manufacturing business can supply 60 plasma TV sets per month at a price of $280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of retailers will buy 80 plasma TV’s if the price is $350 per pair and 120 plasma TV’s if the price is $300 per set. Given that the demand and supply functions must be linear: Find the linear equations representing both demand and supply Find the point of market equilibrium (number of TVs: q) and the price per unit (p) at that point.