In Rivendell live the finest jewellery making elves. The local demand and supply of jewelleries in Revendell are given by QD = 16 – 3P QS = 5P We assume the market in Rivendell is perfectly competitive. The jewelleries are highly desired by men, and the price is PW=3 in human society. Assume the elves in Rivendell are price takers. 2.1. Calculate the quantity of jewelleries produced at Rivendell, the quantity of jewelleries sold in human society, and the quantity of jewelleries sold at Rivendell.

Q: The demand equation for school lunches is x=64-8p where x is the number of lunches purchased and p…

A: Demand equation: - demand equation is the mathematical equation that shows the relationship between…

Q: The demand equation for the Widget Company has been estimated to be:                      Q =…

A: The demand function is the mathematical relationship between the quantity of a commodity demanded…

Q: You have the choice of entering 1 or 2 markets. Your supply function is the same in each market, it…

A: The interaction of demand(DD) and supply(SS) determines the equilibrium price(P) and equilibrium…

Q: A company that makes sweatshirts is willing to supply 156 sweatshirts each month if the price is $24…

A: We know that supply function is a function of price.  Given: Supply = 156 when price = 24…

Q: friend of yours is considering two cell phone service providers. Provider A charges $110 per month…

A: Consumer surplus is the difference between the highest price a consumer is willing to pay and the…

Q: The quantity demanded of Fitbit devices is 8,025 units when the price is $260. At a unit price of…

A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

Q: suppose the demand for shoes is given by qd=40-5p and supply is given by qs=10p-20

A: The objective of the question is to find the equilibrium price and quantity in the market for shoes.…

Q: The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: elves live inn Rivendell. Elves in Rivendell are expert jewelry makers. In the perfectly competitive…

A: Equilibrium is achieved at the output level where Qs equals Qd.

Q: A theater plays attendance depends on the number of positive reviews of plays per season and on the…

A: We are going to find the profit maximizing price and expenditure to answer this question.

Q: The following chart tells you the willingness to pay (WTP) for generic and custom refrigerators for…

A: Willingness to Pay (WTP) refers to the most sum of money or value that a character or customer is…

Q: Harriet McNeil, proprietor of McNeil's Auto Mall, believes that it is good business for her…

A: * solution :-  From the above information the answer is given as below (1) The Poisson distribution…

Q: Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling…

A: To find the revenue-maximizing prices for the Sky Eagle (Ps) and Horizon (Ph) cameras, we need to…

Q: Demand for Corn Flakes is: P = 26 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic…

A: We are going to solve for Equilibrium Price and Quantity for the market of Corn flakes.

Q: Demand for Corn Flakes is: P = 14 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic…

A: Demand in economics refers to a customer's willingness and ability to purchase a product or…

Q: There are 10,000 identical individuals in the market for commodity X, each with a demand function…

A: Qdx=12-2Px individuals=10000 market demand=10000(12-2Px)=120000-20000Px Qsx=20Px. producers=1000…

Q: The demand function for a truckload of firewood for college students in a small town is QC = 400 −…

A: Answer: (3). Total demand=Demand of college students+Demand of residents Lets prepare table of…

Q: The inverse demand for organic dog food is given by P1 = 24 - 2Q1, and %3D the inverse demand for…

A: As given inverse demand function of organic dog food is P1 = 24 -2Q1 demand for conventional dog…

Q: Mary sells bottles of lemonade. The demand factor for her lemonade is given by D(q)=100-1.5q and…

A: Demand curve is the graphical representation of demand schedule.  Demand schedule is the tabular…

Q: A baseball teams attendance depends on the number of games it wins per season and on the price of…

A: Answer a) Profit of basketball  = Revenue - cost                                   =PQ - C…

Q: The quantity of a product demanded by consumers is a function of its price. The quantity of one…

A: The quantity of a product demanded by the consumer is given as a function of price. The quantities…

Q: Consider the demand function for processed pork in Canada, Q = 590.00 - 36p + 20p, + 3p, + 0.002Y…

A: The equilibrium price of pork is $4.00 and the equilibrium quantity of pork is 560.00 million kg per…

Q: None

A: Step 1:Substituting the equilibrium price into either the demand or supply function to find the…

Q: You own a bakery and shop that makes and sells gourmet doggie treats. You have done market research…

A: Demand is the desire of an individual ability and willingness to pay for a product. The demand is…