the answer for number 23 would be -1.9 right? ### Market Supply and Demand Analysis---#### Question 22Assume a market supply function is given by the equation:\[ Q_s = -7 + 0.6P \]where $ Q_s $ is the quantity supplied and $ P $ is the price. If $ P $ equals 15, the value of the producer surplus is closest to:- **A.** 3.3- **B.** 41.0- **C.** 67.5---#### Information for Questions 23 through 25The market demand function for four-year private universities is given by the equation:\[ Q^{d}_{pr} = 84 - 3.1P_{pr} + 0.81I + 0.9P_{pu} \]where $ Q^{d}_{pr} $ is the number of applicants to private universities per year in thousands, $ P_{pr} $ is the average price of private universities (in thousands of USD), $ I $ is the household monthly income (in thousands of USD), and $ P_{pu} $ is the average price of public (government-supported) universities (in thousands of USD). Assume that $ P_{pr} $ is equal to 38, $ I $ is equal to 100, and $ P_{pu} $ is equal to 18.---#### Question 23The price elasticity of demand for private universities is closest to:- **A.** -3.1- **B.** -1.9- **C.** 0.6---### Explanation of Concepts- **Market Supply Function:** This equation describes the relationship between the price and the quantity of a good that producers are willing to supply. The constant term indicates the base level of supply, while the coefficient of $ P $ shows how supply changes with price.- **Market Demand Function:** This equation captures the factors influencing the demand for a product, showing how various economic variables like price, income, and substitute goods (public university prices) affect the number of applicants to private universities.- **Price Elasticity of Demand:** This measures the responsiveness of the quantity demanded to a change in price, indicating whether demand is elastic or inelastic.Understanding these functions and concepts helps in analyzing market dynamics and predicting consumer behavior.

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The market demand function for four-year private universities is given by the equation: d Q = 84 – 3.1Pr + 0.81 + 0.9Ppuaiwollo 1ons o sq sno mon aulmua to 3o taid where Q is the number of applicants to private universities per year in thousands, P is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Pu is the average price of public (government-supported) uni- versities (in thousands of USD). Assume that Pr is equal to 38, I is equal to 100, and P is equal to 18. pr pr pu h bing nsda odgid od lliw bisq 23. The price elasticity of demand for private universities is closest to: А. -3.1. В. - 1.9. С. 0.6. oing adT

The market demand function for four-year private universities is given by the equation: d Q = 84 – 3.1Pr + 0.81 + 0.9Ppuaiwollo 1ons o sq sno mon aulmua to 3o taid where Q is the number of applicants to private universities per year in thousands, P is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Pu is the average price of public (government-supported) uni- versities (in thousands of USD). Assume that Pr is equal to 38, I is equal to 100, and P is equal to 18. pr pr pu h bing nsda odgid od lliw bisq 23. The price elasticity of demand for private universities is closest to: А. -3.1. В. - 1.9. С. 0.6. oing adT

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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