Alter the desmos.com model using the following daily market demand and supply of burritos: P = 6.37 0.025 Q and P = 1.2 + 0.016 Q 8 7 6 5 4 3 2 1 50 100 150 200 250 3.0 To find the number of burritos that are supplied by firms and demanded consumers, you solve demand equal to supply (6.37 - 0.025 Q = 1.2 + 0.016 Q) for Q or use your Desmos model. It equals burritos. To find the market-clearing price, substitute his value into demand or supply or use your Desmos model. It is dollars per burrito. Regarding the first burrito supplied, the • maximum price the first consumer is willing to pay is • minimum price firms are willing to accept is price that is paid for it is dollars • first consumer surplus is dollars dollars dollars

Alter the desmos.com model using the following daily market demand and supply of burritos: P = 6.37 0.025 Q and P = 1.2 + 0.016 Q 8 7 6 5 4 3 2 1 50 100 150 200 250 3.0 To find the number of burritos that are supplied by firms and demanded consumers, you solve demand equal to supply (6.37 - 0.025 Q = 1.2 + 0.016 Q) for Q or use your Desmos model. It equals burritos. To find the market-clearing price, substitute his value into demand or supply or use your Desmos model. It is dollars per burrito. Regarding the first burrito supplied, the • maximum price the first consumer is willing to pay is • minimum price firms are willing to accept is price that is paid for it is dollars • first consumer surplus is dollars dollars dollars

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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