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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Refer to the diagram to the right.
The equation for market demand is given by:
D(p) 950 10p
100.00
90.00-
80.00-
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).
-C
Price
70.00-
60.00-
50.00-45.00
40.00-
30.00-
20.00-
10.00-
0.00+
The Market
500
p = 42.3°
0 100 200 300 400 500 600 700 800 900 1
Quantity (per week)
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