Answered: If the supply function for a commodity…

If the supply function for a commodity is p = q2 + 4q + 16 and the demand function is p = −8q2 + 7q + 436, find the equilibrium quantity and equilibrium price

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 18AA

See similar textbooks

Related questions

Q: Demand function is given as :- 20Q - 15 = P The equilibrium quantity is given as 6 units.…

A: # In a market equilibrium occurs at the point where the market demand curve and the market supply…

Q: Given a demand curve of P = 220 - 2Qd and supply of P = 40 + 5Qs, find the equilibrium price (Pe),…

A: Demand refers to the quantity of goods or service that a consumer is willing and able to buy at a…

Q: Problem Five: Given the supply and demand functions of a given product, find the equilibrium price…

A: Given P = (Xs)² + 14Xs + 22 P = -(Xd)² - 10Xd + 150.

Q: Suppose the demand and supply of tea are modeled by the two following functions: Q = 8P + 11 Q =…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q…

A: The demand curve illustrates the relationship between price and the quantity demanded of a good.…

Q: An economist has estimated that the demand function for cars is approximately D = −400P + 4I where I…

A: The demand function for the cars are given asD = -400P + 4II is the investment.The supply function…

Q: The demand function for fountain pens last week is given as Qd=14-2P. If two fountain pens are sold…

A: 1. Given information: Qd = 14 - 2P Price, P = $4 Supply function: Qs = xP Qs = 2 P = 4 Insert values…

Q: he quantity demanded x for a certain brand of MP3 players is 300 units when the unit price p is set…

A: The demand curve (DD) in economics is a graph that shows how many units of a product or service will…

Q: Given: (q is number of items) Demand function: d(q) = 743.6 – 0.6q² Supply function: s(q) = 0.5q²…

A: An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…

Q: Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand…

A: Answer: Given, Supply function: p=q2+20q Demand function: p=-2q2+10q+11,400 At equilibrium,Quantity…

Q: Given a demand curve of P=254-7Qd and supply of P = 34+ 10s, find the equilibrium price (Pe). AFTER…

A: Demand curve equation: P = 254 - 7QdSupply curve equation: P = 34 + 1QsA decrease in the price of…

Q: What is wrong with the following statement ? Demand refers to the willingness of buyers to purchase…

A: Demand in economics refers to the willingness and ability to purchase different quantities of goods…

Q: For a particular commodity, the demand function is q=100−5p. a. Find ε when p=5. ε=

A: The elasticity is the degree of responsiveness from the part of the consumer towards the changes in…

Q: In the regional market for housing, demand for single detached homes depends on the price of the…

A: Cross price elasticity is inelastic when absolute value of elasticity is less than 1 and is elastic…

Q: Given a demand curve of P = 146 - 7Qd and supply of P = 29 + 6Qs, find the equilibrium price (Pe),…

A: Demand, in economics, refers to the quantity of a good or service that consumers are willing and…

Q: Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium…

A: The price elasticity of supply refers to a metric that is used to evaluate the responsiveness of the…

Q: Find the equilibrium price an quan demand function D = 5 - 5p and supp %3D function S=-5+5p

A: Equilibrium price and quantity: At equilibrium: QD = QS

Q: The demand for pocket calculators is given by the function: P = 6 - 0.5Qd; and the supply is given…

A: P=6-0.5Qd0.5Qd=6-PQd=6-P0.5Qd=12-2P6=Qs-PQs=6+P

Q: Given the supply and demand functions of good p = x + 2xs + 12 p = -x3 – 4xp + 68 Calculate the…

A: Given, p=xs2+2xs+12p=-xD2-4xD+68

Q: Given a demand curve of P = 171 - 8Qd and supply of P = 24 + 8Qs, find the equilibrium price (Pe)

A: Market equilibrium: At the market equilibrium demand equals supply. Or at market equilibrium point…

Q: Which factor that influences change in buying plan, other than price of good? Find out market…

A: The buying plan can be influenced by the income of consumers. For example, a person wants to buy a…

Question

If the supply function for a commodity is

p = q² + 4q + 16

and the demand function is

p = −8q² + 7q + 436,

find the equilibrium quantity and equilibrium price.

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
The demand function for fountain pens last week is given as Qd=14-2P. If two fountain pens are sold at $4.00 each at the end of this week: Formulate the supply function. Find the equilibrium price. Find the equilibrium quantity.
The demand for pocket calculators is given by the function: P = 6 - 0.5Qd; and the supply is given by the function: 6 = Qs - P; where = Qd = quantity demanded, Qs= quantity supplied and P = price. Solve for the equilibrium price and quantity in this market.
An economist has estimated that the demand function for cars is approximately D = −400P + 4I where I is the mean household income. The Supply of cars is estimated to be S = 2p (a) What is the equilibrium price of cars (it will be a function of I)?(b) How does the equilibrium price of cars change when I changes?
Suppose the demand and supply of tea are modeled by the two following functions: Q = 8P + 11 Q = -65P+ 109 What is the equilibrium price of tea? Round your answer to two places after the decimal point (0.01).
For a particular commodity, the demand function is q=100−5p. a. Find ε when p=5. ε=
The quantity demanded of Fitbit devices is 8,025 units when the price is $260. At a unit price of $200, demand increases to 10,000 units. The manufacturer will not market any of the device at a price of $100 or less. However for each $50 increase in price above $100, the manufacturer will market an additional 1,000 units. Assume that both the supply equation and the demand equation are linear. a) Find the supply equation. b) Find the demand equation. c) Find the equilibrium quantity. d) Find the equilibrium price.
In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, P-. The demand equation is Qda = 0.3N + 0.05PT -0.02PH. Initially, average consumer income is N = $50,000 and the average price of townhouses is $290,000. Making these substitutions, we get Qda = 29,500 - 0.02PH. This is our current demand equation. Suppose N = 50,000 and PH = 230,000. If the price of townhouses decreases from $290,000 to $255,000, what is the cross-price elasticity of demand for housing? i Click the icon to view the derivation of the current demand equation. The cross-price elasticity of demand for housing when N = 50,000, PH = 230,000, and the price of townhouses decreases from $290,000 to $255,000 is Ea b This is Single detached homes and townhouses are (Round to two decimal places as needed.) perfectly elastic. elastic. unit elastic. perfectly inelastic. inelastic.
Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given. Supply: p= q^2+ 20q Demand: p= −2q^2+ 10q+ 11,400
Given a demand curve of P = 254-7Qd and supply of P = 34+ 10s, find the equilibrium price (Pe), AFTER a decrease in the price of complimentary goods has created a shift of 14 dollars
suppose the demand and supply functions for an item are givem by QX = 50-2P and QX= 10+3P a, represent the above function graphically b, find the equilibrium price and quantity
In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, P-. The demand equation is Qd = 0.3N + 0.08PT - 0.02PH. Initially, average consumer income is N= $50,000 and the average price of townhouses is $315,000. Making these substitutions, we get Qd = 40,200 – 0.02PH: This is our current demand equation. Suppose income changes from $50,000 to $60,000. What is the income elasticity of demand for housing when the price is $220,000? Click the icon to view the derivation of the current demand equation. The income elasticity of demand for housing when the price is $220,000 and income changes from $50,000 to $60,000 is EN = |. This is Housing is good. (Round to two decimal places as needed.) perfectly inelastic. perfectly elastic. inelastic. elastic. unit elastic.