Question

1.A firms Supply and Demand equations are as follows: Supply: P = 2Q - 70 Demand: P = -2Q + 130 Calculate the X and Y intercept of Demand. Select one: a. P = $130, Qd = 65 b. P = $65, Qd = 130 c. P = $70, Qd = 35 d. P = -$70, Qd = 35 e. None of the above

2.

Calculate the X and Y intercept of Supply.

Select one:

a. P = $70, Qs = 35

b. P = -$70, Qs = 35

c. P = $130, Qs = 65

d. P = $65, Qs = 130

e. None of the above

3.

Calculate the equilibrium price and quantity

Select one:

a. P = $100, Q = 15

b. P = $15, Q = 100

c. P = $30, Q = 50

d. P = $50, Q = 30

e. None of the above

Answer #1

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1.A firms Supply and Demand equations are as follows: Supply: P
= 2Q - 70 Demand: P = -2Q + 130 Calculate the X and Y intercept of
Demand. Select one: a. P = $130, Qd = 65 b. P = $65, Qd = 130 c. P
= $70, Qd = 35 d. P = -$70, Qd = 35 e. None of the above
2.Calculate the X and Y intercept of Supply.
Select one:
a. P = $70, Qs =...

Suppose the inverse demand equation for taxi is P = 100 − 2Q and
the inverse supply equation is P = 2Q. Suppose there’s a policy
that restricts the price to be at least $65. Which of the following
statements is correct?
A. The market equilibrium price will be 70.
B. There will be no excess demand or excess supply.
C. There will be an excess demand of 15 units.
D. There will be an excess supply of 15 units....

1. Demand and supply curves can be represented with equations.
If Qd = 90 - 2P and Qs = P, then equilibrium price P* and
equilibrium quantity Q* are
a. P* = 30, Q* = 60
b. P* = 60, Q* = 30
c. P* = 30, Q* = 30
d. P* = 60, Q* = 60
2.
Suppose that scientists find evidence that coffee consumption
lowers cholesterol. If so,
a. demand for coffee would remain the same
b. quantity...

1. Suppose the demand for a product is given by P = 30 – 2Q.
Also, the supply is given by P = 5 + 3Q. If a $5 per-unit excise
tax is levied on the buyers of a good, then after the tax sellers
will receive _________ for each unit of the good.
a) $4
b) $5
c) $20
d) $22
e) $17
2. Suppose the demand for a product is given by P = 30 – 3Q.
Also,...

1. Inverse demand is P = 245 – 2Q and inverse supply is P = 20 +
Q. a. What is the equilibrium price and quantity in this market? b.
Graph the supply and demand curves, correctly identifying the
intercepts and equilibrium. c. Is the equilibrium quantity in the
elastic, unit elastic, or inelastic portion of the demand curve?
Explain. d. Suppose inverse supply changes to P = 10 + 0.5Q. Is
this an increase or decrease in supply? Graph...

Suppose a perfectly competitive market has the following inverse
supply and demand curves: Supply: P= 5+2Q Demand: P = 50-Q.
1) Solve for the perfectly competitive Pe and Qe, and calculate
consumer+producer surplus at Pe, Qe.

Given the demand and supply for water dispensers:
Qd = 720 - 17 P
Qs = -70 + 20 P
1. The market equilibrium price is
2. The market equilibrium quantity is
3. What is the value of the demand curve's vertical intercept
?
4. What is the value of the supply curve's vertical
intercept?
5. What is the Consumer's Surplus?
6. What is the Producer's Surplus?
Submit Assignment

11.
Use the following demand and supply functions to answer the
question below:
Demand: Qd = 900 - 60P .
Supply: Qs = -200 + 50P .
Equilibrium price and output are:
A.
P = $7 and Q = 480.
B.
P = $10 and Q = 300.
C.
P = $20 and Q = 150.
D.
P = $100 and Q = 5,300.
E.
None of the above.
16. In a monopolistically competitive industry in long-run
equilibrium
A.
Each...

In a perfectly competitive market, the supply function is P= 1 +
2Q, and the demand function is P = 25 - Q. Hence, in this market,
consumer surplus is _____ and producer surplus is _____. If this
market was to become the monopoly of a single firm with a marginal
cost of production equal to 11, then the welfare loss would be
____.
a) 30; 60; 3
b) 32; 64; 1.5
c) 32; 64; 3
d) 62; 34; 6

In both the United States and Canada, the supply of face masks
is given by QS=−200+5P. However, the demand in the US is given by
QD=300−5P, while the demand in Canada is given by QD=550−10P. The
coronavirus breaks out and the demand for face masks in both
countries increases by 150 units at each price. What are the new
equilibrium prices and quantities of face masks in the two
countries?
Question 4 options:
a) US: P=50, Q=200; Canada: P=50, Q=200...

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