Refer to the diagram to the right. The equation for market demand is given by: D(p) = 950-10p The equation for the supply curve of all other firms is given by: So(p) 400+20p At the market equilibrium price of $45.00, the residual demand for a given firm is: ☐ units (enter your response as an integer). At a market price of $42.31, the residual demand for this same firm is: ☐ units (enter your response as an integer). AQ The slope of this firm's residual demand curve is: ΔΡ (enter your response as an integer. Include a minus sign if necessary). Price 100.00 90.00- 80.00- 70.00- 60.00 50.0045.00 40.00- 30.00- 20.00- 10.00- 0.00- 0 The Market 500 p = 42.3 100 200 300 400 500 600 700 800 900 1 Quantity (per week)

Refer to the diagram to the right. The equation for market demand is given by: D(p) = 950-10p The equation for the supply curve of all other firms is given by: So(p) 400+20p At the market equilibrium price of $45.00, the residual demand for a given firm is: ☐ units (enter your response as an integer). At a market price of $42.31, the residual demand for this same firm is: ☐ units (enter your response as an integer). AQ The slope of this firm's residual demand curve is: ΔΡ (enter your response as an integer. Include a minus sign if necessary). Price 100.00 90.00- 80.00- 70.00- 60.00 50.0045.00 40.00- 30.00- 20.00- 10.00- 0.00- 0 The Market 500 p = 42.3 100 200 300 400 500 600 700 800 900 1 Quantity (per week)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.14P

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Refer to the diagram to the right. The equation for market demand s given by: The Market 100- Q = 950 - 10p. 90- The equation for market supply is given by: 80- Q. = -400 + 20p. 70- 60- For the numerical questions that follow, answer them using the equations above. Do not rely on the graph. 50- 45 At the market equilibrium price of $45, the residual demand for a given firm is: 0 40- p = 32.00 units. (Enter your response as an integer.) 30- At a market price of $32.00, the residual demand for this same firm is: units. 20 (Enter your response as an integer.) 10- 500 0- O 100 200 300 400 500 600 700 800 900 1000 Quantity (per week) etv 13 MacBook Air 80 DII DD esc F2 F4 F6 F7 FB F9 F1 @ 23 $ % & * 1 3 4 7 9 Q W E R T Y tab A S F G H. K aps lock C V control option command * 00 く

Refer to the diagram to the right. The Market The equation for market demand is given by: 100- Q = 950 – 10p. 90- The equation for market supply is given by: 80- Q, = - 400 + 20p. 70- 60- For the numerical questions that follow, answer them using the equations above. Do not rely on the graph. 50-45 At the market equilibrium price of $45, the residual demand for a given firm is: 40- p = 35.00 units. (Enter your response as an integer.) 30- 20 At a market price of $35.00, the residual demand for this same firm is: units (Enter your response as an integer.) 10- 500 dD ó 100 200 300 400 500 600 700 800 900 1000 Quantity (per week) The slope, n of this firm's residual demand curve is:. (Enter your response rounded to one decimal place.) tv MacBook Air 80 FB F9 F10 F2 F3 F4 FS 2# $ & 3 4 5 6. 7 8 9 { W E R Y P D G H K > с command option .. .. B >
The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.