Hi,Please answer the attached question.Thanks! Supply and demanda) You produce garden chairs in Switzerland, and you know the local market. Supply and demandfor Swiss garden chairs can be quantified by equations P= 30 + 0. 5Q and P = 60-Q. 1 Q stands for10,000 chairs. You sell the number of chairs where your own marginal costs correspond to themarket price. At what price have you sold the garden chairs so far and how much have you soldeach year?b)You are a tinkerer and invent a new method that massively reduces your production costs perchair. Therefore, you can now offer each chair 15 CHF cheaper or move your offer curve downby 15 CHF. How many chairs do you sell now and at what unit price?c)It gets even better. Your garden chairs are now also purchased for conservatories, parlors,kitchens, etc. The image of your garden chair has become a designer chair. They make demandestimates and find that an additional price per chair of 30 CHF can be charged for each possiblesale (demand shifts upwards by 30 CHF). How many chairs can you sell now thanks to theinnovation (sub-question b) and the increase in demand and at what price?

Supply Equation : P = 30 + 0.5Q Demand Equation : P = 60 - Q Equilibrium in market is achieved…

Supply and demand a) You produce garden chairs in Switzerland, and you know the local market. Supply and demand for Swiss garden chairs can be quantified by equations P= 30 + 0. 5Q and P = 60-Q. 1Q stands for 10,000 chairs. You sell the number of chairs where your own marginal costs correspond to the market price At what price have vou sold the garden chairs so far and bow mnuch bave VOu sold

Supply and demand a) You produce garden chairs in Switzerland, and you know the local market. Supply and demand for Swiss garden chairs can be quantified by equations P= 30 + 0. 5Q and P = 60-Q. 1Q stands for 10,000 chairs. You sell the number of chairs where your own marginal costs correspond to the market price At what price have vou sold the garden chairs so far and bow mnuch bave VOu sold

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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