Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P = -2Q^2 - 6Q^2 + 140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue, for Curve B Curve A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded =quantity supplied

Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P = -2Q^2 - 6Q^2 + 140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue, for Curve B Curve A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded =quantity supplied

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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