10th Edition

ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 1.2, Problem 27E

Business and Economics

27. Supply and Demand Suppose that the demand and price for a certain model of a youth wristwatch are related by

p = D ( q ) = − 16 − 1.25 q ,

where p is the price (in dollars) and q is the quantity demanded (in hundreds). Find the price at each level of demand.

(a) 0 watches
(b) 400 watches
(c) 800 watches

Find the quantity demanded for the watch at each price.

(d) $8
(e) $10
(f) $12
(g) Graph p = 16 − 1.25q.

Suppose the price and supply of the watch are related by

p = S ( q ) = 0.75 q ,

where p is the price (in dollars) and q is the quantity supplied (in hundreds) of watches. Find the quantity supplied at each price.

(h) $0
(i) $10
(j) $20
(k) Graph p = 0.75q on the same axis used for part (g).
(l) Find the equilibrium quantity and the equilibrium price.

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Chapter 1.2, Problem 26E

Chapter 1.2, Problem 28E

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Chapter 1 Solutions

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Solution Summary: The author explains that the demand function is p=D(q)=16-1.25q.

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