D(P) given below is the market demand for widgets: Q = D(p) = 2941 – 23p, p> 0 %3D %3D Let the market supply of widgets be given by: Q= S(p) = - 4+ 8p, p >0 %3D where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widget supplied at a given price. What is the equilibrium price?
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- A TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.The supply and demand for a computer in a store are given for two prices: for a price of $800, the demand quanity is 50 and the supply quanity 230: for a price of $50, the demand quanity is 150 and the supply quantity 150. Let a represent the quanity A. Write an equation representing the demand function B. Write an equation representing the supply function C. Find the equlibrium quantity and priceAssume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=2953-24PQ=D(p)=2953-24p, p> 0 Let the market supply of widgets be given by: Q=S(p)=-5+10pQ-S(p)=5+10p, p> 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. 1- What is the equilibrium price? Please round your answer to the nearest hundredth. 2- What is the equilibrium quantity? Please round your answer to the nearest integer. 3- What is the price elasticity of demand (include negative sign if negative)? Please round your answer to the nearest hundredth. 4- What is the price elasticity of supply? Please round your answer to the nearest hundredth.
- A TV channel has estimated the demand for its service to be given by the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4 where Q = monthly sales in units P = price of the service in $ A = promotional expenditure in $’000 Y = average income of the market in $’000 P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is $120,000, average income is $28,000, and the price of ‘homemovies’ is $45. Indicate whether the following statements are true or false, giving your reasons and making the necessary corrections e. ‘Home movies’ are a substitute for the TV channel.f. A 5 per cent increase in income will increase demand by 16 per cent.g. A 10 per cent increase in price will reduce demand by 12 per cent.h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its…4GE 10:01 ITEMS INFO 8. 2 attempts remaining. TAMU_QID: BM_00048 Consumers will demand 1070 items at a price of $2.75 per item. When the price per item increases to $5, the number of items demanded will decrease by 45. Write the linear demand function, p(x), for this item. Enter your answer in slope-intercept form, using exact numbers. p(x) = Submit answerWhat is the price elasticity of demand (include negative sign if negative)? Please round your answer to the nearest hundredth. What is the price elasticity of supply? Please round your answer to the nearest hundredth.
- Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1183-12p, p > 0 Let the market supply of widgets be given by: Q = S(p) = -5 + 10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. What is the total revenue at equilibrium? Please round your answer to the nearest integer▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪ 03: If the supply and demand functions for a commodity are 100+ 2(4 + Pa = -(Q.) P₁ = (Q + 2)² E plot each function on the same graph Estimate the equitum pana and quantity signhramaly and graphicaly **********‒‒‒‒‒‒‒‒‒‒‒‒‒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 =
- Analyze the demand function for Toyotas in problem C4, page 82. Please also read “What is a Symbol” located in the folder with this assignment. This function is: QT = 200 -.01PT +.005PM -10PG +.01I +.003A Where: QT = quantity purchased PT = average price of Toyotas PM = average price of Mazdas PG = price of gasoline I = per capita income A = dollars spent annually on advertising Characterize this function by circling all in the following list that are applicable: univariate, bivariate, multivariate, linear, exponential, logarithmic, curvilinear, 1st degree, 3rd degree, additive, multiplicative, linearly homogeneous What is the numerical value of the partial derivative of the function with respect to the price of gasoline (PG) (be sure to also include the + or – sign. Note: I do not want the symbol for this partial derivative)? Write the mathematical symbol representing the coefficient of income (I) (the numerical…2) (20) Demand for widgets is a linear function of price. If the price of Widgets is set to $20, 4200 widgets will be sold. If the price is raised to $25, demand falls to 3600 widgets. a) (4) Find the demand function D(x), where x represents the price and D(x)= y represents the demand for widgets. b) (2) Describe the meaning of the slope of the demand function, in the context of the price, and demand for widgets. c) (2) Find the revenue function R(x), which is price times the demand. (2) Graph the Revenue Function using Desmos, or any other graphing utility of your choice; note the scale on the axes. If your graph doesn't fit on the graph, your Revenue function is probably incorrect. Hint Ask Questions! Email! 100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 y -5 20 25 30 35 40 45 50 55 60 65 e) (2) Give the meaningful domain for the revenue function. Use the criteria that one would not price widgets so low that one would pay to get rid of them. 5 10 15 (2)Calculate the…Q1. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=806−10p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−4+8p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the total revenue at equilibrium? Please round your answer to the nearest integer.