Use the following general linear supply function to answer the next question: Qs = 60 + 8P- 4P + 20F, where Qs is the quantity supplied of the good, Pis the price of the good, P is the price of an input, and Fis the number of firms producing the good. When A = $20 and F= 60, the INVERSE supply function is

Use the following general linear supply function to answer the next question: Qs = 60 + 8P- 4P + 20F, where Qs is the quantity supplied of the good, Pis the price of the good, P is the price of an input, and Fis the number of firms producing the good. When A = $20 and F= 60, the INVERSE supply function is

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 8WNG

See similar textbooks

Similar questions

A company that makes sweatshirts is willing to supply 156 sweatshirts each month if the price is $24 each and will supply 204 sweatshirts each month if the price is $36 each. Find the linear supply function, qS where qS is the number of sweatshirts the company is willing to make available per month at a price of p dollars per sweatshirt. A.qS = 12p + 48 B.qS = p/12 – 48 C.qS = 0.25p – 15 D.qS = 4p + 60
Your research department estimates that the supply function for high definition televisions (HDTVs) is given by Qxs = 2,000 + 3 Px − 4 Pt − Pw where Px is the price of HDTVs, Pt represents the price of a tablet, and Pw is the price of an input used to make HDTVs. Suppose HDTVs are sold for $400 per unit, tablets are sold for $250 per unit, and the price of an input is $1,400. How many HDTVs are produced?
The demand function for a good is Q = 650-5P while the supply functions is Q=-100+10P. Graph the demand and supply function.
Suppose the demand function for avocados is Q-104 - 40p + 20p, +001Y, where p is the price of avocados, P is the price of tomatoes, and Y is average income, and the supply function for avocados is Q-58 + 15p-20p. where pr is the price of fertilizer. Suppose p $0.80, Y= $4,000, and p 30 40. What is the equibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=80 units. (Enter your responses rounded to wo decimal places) Suppose the govemment charges a $1.65 specific tax per avocado to be paid by consumens With the tax, the equilibrium price of avocados is and the equilibrium quantity in O-74 units
The quantity of a product demanded by consumers is a function of its price. The quantity of one product demanded may also depend on the price of other products. For example, if the only chocolate shop in town (a monopoly) sells milk and dark chocolates, the price it sets for each affects the demand of the other. The quantities demanded, q, and q2, of two products depend on their prices, p, and P2, k as follows: Enter the exact answers. If one manufacturer sells both products, how should the prices be set to generate the maximum possible revenue? What is that maximum possible revenue? P₁ = P2 = H. 9₁ = 9₂ = The maximum revenue is i 280 - 5p₁-3p2 360 - 3p₁ - 5p2.
!
Only typed answer and don't use chat gpt
An economist has estimated that the demand function for cars is approximately D = −400P + 4I where I is the mean household income. The Supply of cars is estimated to be S = 2p (a) What is the equilibrium price of cars (it will be a function of I)?(b) How does the equilibrium price of cars change when I changes?
Suppose that the quantity of corn supplied depends on the price of corn (P) and the amount of rainfall (R). The demand for corn depends on the price of corn and the level of disposable income (I). The equations describing the supply and demand relationships are Qs = 20R + 100P and Qd = 4000 − 100P + 10I. a) Sketch a graph of demand and supply curves b) Sketch a graph that shows the effect of an increase in rainfall on the equilibrium price and quantity of corn. c) Sketch a graph of demand and supply curves that shows the effect of a decrease in disposable income on the equilibrium price and quantity of corn.
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…
Suppose the demand function for avocados is Q=104-40p + 20p₁ +0.01Y, where p is the price of avocados, p, is the price of tomatoes, and Y is average income, and the supply function for avocados is where p, is the price of fertilizer. Suppose p = $0.80, Y = $4,000, and p = $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=58+15p -20pf, and the equilibrium quantity is p=$2 Q = 80 units. (Enter your responses rounded to two decimal places.) Suppose the government charges a $2.20 specific tax per avocado to be paid by consumers. With the tax, the equilibrium price of avocados is p=$ Q= units.
A baker will supply 19 jumbo cinnamon rolls to a cafe at a price of $4.57 each. If she is offered $3.91, then she will supply 3 fewer rolls to the cafe. The cafe's demand for jumbo cinnamon rolls is given by p = D(x) = -0.46x + 7.19. What is the equilibrium point? rolls at a price of $ each