Supply and Demand End of Chapter Problem The inverse demand for carbon-steel chef's knives is given by P = 120 - – 1⁄Qº, where P is the price of a chef's knife, and Qº is the quantity of chef's knives desired per week, in thousands. The inverse supply of chef's knives is given by P = 20 + 205, where QS is the quantity of chef's knives offered for sale each week, in thousands. a. Accurately graph the inverse supply and the inverse demand curves. Price of chef's knives (S/knife) 180 Incorrect 160 140 120 100 80 60 40 20 0 0 Market of Carbon-steel Chef's Knives Supply Demand 40 120 80 160 200 Quantity of chef's knives (in thousands) 240 280

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Supply and Demand — End of Chapter Problem
The inverse demand for carbon-steel chef's knives is given by P = 120 - -Qº, where P is the price of a chef's knife, and QD
is the quantity of chef's knives desired per week, in thousands. The inverse supply of chef's knives is given by P = 20 + 20s,
where QS is the quantity of chef's knives offered for sale each week, in thousands.
a. Accurately graph the inverse supply and the inverse
demand curves.
Price of chef's knives ($/knife)
180
160
140
120
100
Incorrect
80
60
40
20
0
Market of Carbon-steel Chef's Knives
Supply
Demand
40
80
120
160
200
Quantity of chef's knives (in thousands)
240
280
Transcribed Image Text:Supply and Demand — End of Chapter Problem The inverse demand for carbon-steel chef's knives is given by P = 120 - -Qº, where P is the price of a chef's knife, and QD is the quantity of chef's knives desired per week, in thousands. The inverse supply of chef's knives is given by P = 20 + 20s, where QS is the quantity of chef's knives offered for sale each week, in thousands. a. Accurately graph the inverse supply and the inverse demand curves. Price of chef's knives ($/knife) 180 160 140 120 100 Incorrect 80 60 40 20 0 Market of Carbon-steel Chef's Knives Supply Demand 40 80 120 160 200 Quantity of chef's knives (in thousands) 240 280
b. According to the graph in part a, what are the buyers' and sellers' choke prices?
Buyer's choke price: $
120
c. The market equilibrium quantity is
d. The market equilibrium price is $
100
Incorrect
100
Seller's choke price: $ 20
thousand.
Transcribed Image Text:b. According to the graph in part a, what are the buyers' and sellers' choke prices? Buyer's choke price: $ 120 c. The market equilibrium quantity is d. The market equilibrium price is $ 100 Incorrect 100 Seller's choke price: $ 20 thousand.
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