The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q).S(q)=q²+10q, D(q)=1152-18q-q²a. Graph the supply and demand curves.Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line.○ A.1000-○ B.QQ1000-1000-b. Find the point at which supply and demand are in equilibrium.The equilibrium point is (18,504). (Type an ordered pair.)c. Find the consumers' surplus.The consumers' surplus is $☐(Type an integer or decimal rounded to the nearest hundredth as needed.)○ D.1000-

The objective of the question is to graph the supply and demand curves, find the equilibrium point,…

Answered: The supply function for oil is given…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct?
At a price of $4.69 per pound, the supply for cherries is 16,210 pounds, and the demand is 10,280 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,940 pounds and the demand increases to 12,746 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.
DS Determinants of supply The following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge-in this case, the speed with which manufacturing robots can fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Thousands of dollars) 8 20 10 0 0 Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Graph Input Tool Supply for Sedans Price of a Sedan (Thousands of…
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