Question

Market supply and demand for ovens are given by p equals Upper S left parenthesis q right parenthesis equals 1750 plus 5 q and p equals Upper D left parenthesis q right parenthesis equals 2500 minus 10 q. The equilibrium price is $2000 per oven.

(a) Find the market surplus up to equilibrium using the integral definition.

(b) Verify the market surplus by calculating MSequalsCSplusPS.

Answer #1

Given Cost and Price (demand) functions Upper C left
parenthesis q right parenthesis equals 120 q plus 45000 and p left
parenthesis q right parenthesis equals negative 2.1 q plus 900,
what is the marginal revenue when profits are $14000?

For the demand function
q equals Upper D left parenthesis p right parenthesis equals 352
minus pq=D(p)=352−p,
find the following.
a) The elasticity
b) The elasticity at
pequals=118118,
stating whether the demand is elastic, inelastic or has unit
elasticity
c) The value(s) of p for which total revenue is a maximum
(assume that p is in dollars)

For the demand function
q equals Upper D left parenthesis x right parenthesis equals
StartFraction 400 Over x EndFractionq=D(x)=400x,
find the following.
a) The elasticity
b) The elasticity at
xequals=77,
stating whether the demand is elastic, inelastic, or has unit
elasticity
c) The value(s) of x for which total revenue is a maximum
(assume that x is in dollars)

Let P(Z)equals=0.390.39, P(Y)equals=0.410.41, and
P(Zintersect∩Y)equals=0.170.17. Use a Venn diagram to find (a)
Upper P left parenthesis Upper Z prime intersect Upper Y prime
right parenthesisPZ′∩Y′, (b) Upper P left parenthesis Upper Z
prime union Upper Y prime right parenthesisPZ′∪Y′, (c) Upper P
left parenthesis Upper Z prime union Upper Y right
parenthesisPZ′∪Y, and (d) Upper P left parenthesis Upper Z
intersect Upper Y prime right parenthesisPZ∩Y′.

A record club has found that the marginal profit,
Upper P prime left parenthesis x right parenthesisP′(x) ,
in cents, is given by
Upper P prime left parenthesis x right parenthesis equals
negative 0.0008 x cubed plus 0.35 x squared plus 52.9
xP′(x)=−0.0008x^3+0.35x^2+52.9x
for
x less than or equals x≤400 ,
where x is the number of members currently enrolled in the club.
Approximate the total profit when
240 members are enrolled by computing the sum
Summation from i equals...

The inverse demand curve a monopoly faces is p equals 15 Upper Q
Superscript negative 0.5. What is the firm's marginal revenue
curve? Marginal revenue (MR) is MRequals 7.5 Upper Q Superscript
negative 0.5. (Properly format your expression using the tools in
the palette. Hover over tools to see keyboard shortcuts. E.g., a
superscript can be created with the ^ character.) The firm's cost
curve is Upper C left parenthesis Upper Q right parenthesis equals
5 Upper Q. What is...

If npgreater than or equals5 and nqgreater than or equals5,
estimate Upper P left parenthesis at least 11 right parenthesis
with nequals13 and pequals0.6 by using the normal distribution as
an approximation to the binomial distribution; if npless than5 or
nqless than5, then state that the normal approximation is not
suitable. Select the correct choice below and, if necessary, fill
in the answer box to complete your choice.
A. Upper P left parenthesis at least 11 right parenthesisequals
nothing (Round...

The cost, in dollars, of producing x belts is given by Upper C
left parenthesis x right parenthesis equals 805 plus 18 x minus
0.075 x squared. The revenue, in dollars, of producing and
selling x belts is given by Upper R left parenthesis x right
parenthesis equals 31 x Superscript six sevenths . Find the rate at
which average profit is changing when 676 belts have been produced
and sold. When 676 belts have been produced, the average profit...

A proton moves through a uniform magnetic field given by
ModifyingAbove Upper B With right-arrow equals left-parenthesis
10.5ModifyingAbove i With caret minus 21.6ModifyingAbove j With
caret plus 22.1ModifyingAbove k With caret right-parenthesis mT. At
time t1, the proton has a velocity given by v Overscript
right-arrow EndScripts equals v Subscript x Baseline i Overscript
caret EndScripts plus v Subscript y Baseline j Overscript caret
EndScripts plus left-parenthesis 1.52? km/s right-parenthesis k
Overscript caret EndScripts and the magnetic force on the...

Suppose the demand and supply for a product is given by the
following equations:
p=d(q)=−0.8q+150
(Demand)
p=s(q)=5.2q
(Supply)
For both functions, q is the quantity and p is the price.
Find the equilibrium point. (Equilibrium price and equilibrium
quantity) (1.5 Marks)
Compute the consumer surplus. (1.5 Marks)
Compute the producer surplus. (1.5 Marks)

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 36 minutes ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 4 hours ago

asked 4 hours ago

asked 5 hours ago

asked 5 hours ago