Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hugh: p = 288-96QH Frank:p 96 – 32QF %3D - Luis: p = 12- 4QL, where QH. QF and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Suppose the price of an ounce of gold is p-$3. The total ounces of gold demanded in this market is demanded of gold in this market is 5.33 ounces. Then the market price of an ounce of gold must be (numeric). (Round to the closest integer). (numeric). Suppose the quantity Blank # 1 Blank # 2

Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hugh: p = 288-96QH Frank:p 96 – 32QF %3D - Luis: p = 12- 4QL, where QH. QF and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Suppose the price of an ounce of gold is p-$3. The total ounces of gold demanded in this market is demanded of gold in this market is 5.33 ounces. Then the market price of an ounce of gold must be (numeric). (Round to the closest integer). (numeric). Suppose the quantity Blank # 1 Blank # 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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