Find the equilibrium price and quantity for each of the following pairs o demand and supply functions. a. QD=12-4P QS=3+5P b. QD=1720-30P QS=1000+50P C. QD=200-0.3P QS=140+0.2P
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- Price 4 6 8 10 Market demand 40 35 30 25 New market demand - - - - (i) Plot the market demand at each pricelevel on a graph paper and label the demandcurve as DI(ii)Derive the market demand function for good x(iii) Suppose the price of acomplement good has fallen and caused a rise in the demand for good X by 25% at each price level, fill in the new quantity for market demand at each price level fill in the new quantity for market demand at each price level.(iv) Based on part (iii) plot the new demand curve on the same graph as in part (i) and label it as D2QUESTION 3 Inthe demand equation is D(x) = 79 - 1.65x and the supply equation is S(x) =0.71x+21, find the equilibrium prce. QUESTION 4 If the demand equation for an item is D(x) = -2.2x + 510 and a supplier is willing to supply 90 items at $700 per item, or 120 items at $2100 per item, find the equilibrium quantity, assuming linear supply and demand models.The following estimates have been obtained for the market demand for cereal In Q= 9.01- 0.68 In P+0.75In A-1.3M, where Q is the quantity of cereal,P is the price of cereal,A is the level of adverstising, and M is income. Based on this information,determine the effect on the consumption of cereal of : a: A 5 percent reduction in the price of cereal. b: A 4 percent increase in income. c: A 20 percent reduction in cereal advertising.
- help? 5-Which of the following situations certainly leads to a lower equilibrium price? An increase in demand accompanied by an increase in supply. A decrease in demand accompanied by an increase in supply. A decrease in supply accompanied by an increase in demand. An increase in demand, without a change in supply.1. Let (inverse) demand be Pb = 110-7 Qb and (inverse) supply be Pv = 32 + 3 Qv. Consider the shift in demand illustrated (the intercept of Pb moves by 10), what is the ORIGINAL quantity traded ? Answer: your answer Price ($) $ 120 $100 $80 $ 60 $40 $ 20 $0 $-20 0 2 Demand 4 S Submit Supply 6 8 Quantity Eqm 10 D + shift 12 14 16The demand for a certain company's e-reader can be approximated by 780 9= - 1 million units per year (60 ≤ p ≤ 400), Р where p is the price charged by the company. Assume that the company is prepared to supply q=0.0195p 1 million units per year (60 ≤ p ≤ 400) at a price of $p per unit. (a) Calculate the equilibrium price and equilibrium demand. equilibrium price $ equilibrium demand 12 10 (b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended. 9 q 8 6 4 2 Need Help? - 100 Submit Answer Read It 200 300 400 Master it 500 million e-readers per year P 12 10 8 6 2 100 200 300 400 500 Р ℗ q 12 10 8 2 100 200 300 400 500 Р 3 q 12 10 8 (c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.) There would be a -Select-- of million e-readers. 6 2 100 Home My Assignments 200 300 400 Request Extension 300 Р 6 Copyright © 1998-3034…
- Assume that the demand curve is a straight line. If the price per unit of a good rises from $2.40 to X1, it is expected that monthly demand will fall from X2 units to 200,000 units. Give your own appropriate X1 and X2. What is the point price elasticity of demand when the price is $2.40? What is the arc price elasticity of demand over these ranges of price and output? Is the demand for this good price sensitive?Which of the following statements is correct Multiple Choice If supply increases and demand increases, equilibrium quantity will rise. If supply increases and demand increases, equilibrium price will rise. If supply increases and demand increases, equilibrium quantity will fall. If supply increases and demand remains constant, equilibrium price will rise. If supply decreases and demand remains constant, equilibrium price will fall. Mc Graw Type here to search3) Suppose that the inverse demand and supply Commodity are P - frg) = 60/19+5) and curves for given by a I(9) =2+2 find the equilibrium price and quanility and surplus. %3D %3D Calculate the Cons umer
- 8. Given the following set of demand and supply functions, find the equilibrium price and quantities. (i) Qd = 450 - 3P: Qs = 50+ 5P, (ii) Qd = 500 - 3P; Qs = 100; (iii) Qs = 30 + 1/2p, find Qs, when P =2, P = 4, P = 6, p = 10 GQ3Use a matrix method to find the equilibrium prices and quantities where the supply and demand functionsfor Good 1, Good 2 and Good 3 are asQd1 = 50 − 2P1 + 5P2 − 3P3, Qs1 = 8P1 − 5Qd2 = 22 + 7P1 − 2P2 + 5P3, Qs2 = 12P2 − 5Qd3 = 17 + P1 + 5P2 − 3P3, Qs3 = 4P3 − 1Homework No1 Given the following equations: • Qdk = 71-4P• Qsx = 2P, + 5 The prices are 1,2 and 3 • Required : a ) Find demand and supply tables . b) Find demand and supply curves . c) Find the equilibrium price and quantity mathematically. d ) Draw the equilibrium graphically