4GE10:00Let x represent the number of itemssupplied or demanded each monthand p represents the unit price of theitems (in dollars).Equation A is –5x + 7pEquation B is 4x + 2p = 240.= 84 andEnter all answers below in exact,reduced form.a. Which equation is the supplyequation?because it has a ?slope.b. How many items willconsumers purchase if the itemsare free?itemsc. Above what price willconsumers not buy the item?2$d. Producers will only provide theitems if the price is above whatvalue?>

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Answered: a. Which equation is the supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?
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Which of the following is the correct definition of demand schedule? K OA. the demand for a product by all the consumers in a given geographic area B. a table that shows the relationship between the price of a product and the quantity of the product demanded OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price D. a curve that shows the relationship between the price of a product and the quantity of the product supplied Which of the following is the correct definition of demand curve? OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price OD. a curve that shows the relationship between the price of a product and the quantity of the product demanded
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a. Which equation is the supply equation? because it has a ? slope. b. How many items will consumers purchase if the items are free? items c. Above what price will consumers not buy the item? $ %24