Question

The supply and demand equations for a product have been estimated to be: S : p = 5q − 3, D : p = −3q + 21 where p is the price in dollars per product and q is the quantity in thousands.

What is the equilibrium quantity?

Find the equilibrium price.

Shortage or surplus when the price is $7.5. Explain

Answer #1

II. Solve the following problems
a. The supply and demand equations for a certain product
are:
3q - 200p + 1800= 0
3q + 100p - 1800= 0
Respectively, where p represents the price per unit in dollars
and q the number of units sold per period. Find the equilibrium
price.
b. A manufacturer of children’s toys will break even at a
sales volume of $200,000. Fixed costs are $40,000 and each unit of
production sells for $5. Determine the...

The
supply and demand for a product are related to price by the
following equations, where y is the price, in dollars, and x is the
number of units, in thousands. Find the equilibrium point for this
product.
y= S(x)= 300+60x
y=D(x)= 16800-50x
the equilibrium point is (___,___)

The equations for the demand and supply curves for a particular
product are P = 10 - .4Q and P = 2 + .4Q respectively, where P is
price and Q is quantity expressed in units of 100. After an excise
tax is imposed on the product the supply equation is P = 3 + .4 Q.
a- Compute equilibrium price and quantity before and after tax.
b-Calculate government's revenue from this tax. C- Calculate share
of producers and consumers...

A person’s demand and supply equations for pork per month are
as follows:
Demand: Q = 25 – 5*P
Supply : Q = -20 + 10*P
Required:
a. What are the market equilibrium price ($/kg) and quantity
(kgs/month) for pork?
b. At the market equilibrium price, what are the consumer
surplus and producer surplus?

A.1. a. Suppose the demand function P = 10 - Q, and the supply
function is: P = Q, where P is price and Q is quantity. Calculate
the equilibrium price and quantity.
b. Suppose government imposes per unit tax of $2 on consumers.
The new demand function becomes: P = 8 – Q, while the supply
function remains: P = Q.
Calculate the new equilibrium price and quantity. c.
Based on (b), calculate the consumer surplus, producer surplus, tax...

Suppose the demand and supply functions for a product are P=
2800-8q-1/3q^2 and p = 400+2q, respectively, where p is in dollars
and q is the number of units. Find q that will maximize the tax
revenue

Use the following equations to answer the remaining homework
questions: Demand: P = 80 – 3Q Supply: P = 2Q + 20 What is the
equilibrium price? What is the equilibrium quantity? What is the
consumer surplus? What are total expenditures for consumers? What
is producer surplus? What is the total revenue for the
producer?

The demand for a product is Qd=320-8p-2px and supply is
Qs=20+4p, where Q is the quantity for the product, in thousands of
units, P is the price of the product, and Px is the price of the
another good X
1) When Px =$30, what is the equilibrium price and quantity sold
for the product?
2) At the equilibrium price and quantity, what is the price
elasticity of demand for the product?

The market demand for cherries is QD = 3120 - 35P and the market
supply for cherries is QS = -15 + 90P, where Q is in thousands of
gallons per week and P is price per gallon.
a.What are the market equilibrium price and quantity? Show your
work.
b.Would P = 27 cause excess demand or excess supply of cherries?
How large of a surplus or shortage would result? Show your work
.c.Calculate the demand choke price for cherries...

A market has supply and demand curves that follow the following
set of equations: Supply → P = 4QS + 10 Demand → P = -5QD + 280.
For both of these problems pictures are not required but the
problems may be much easier if you draw some.
a) Find the equilibrium price and quantity in this market and
the consumer and producer surplus from the equilibrium price and
quantity. (1 point)
b) If there is a ceiling price in...

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