Question

The supply and demand equations for a product have been estimated to be: S : p...

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

Math   Calculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose the demand and supply for a product is given by the following equations: p=d(q)=−0.8q+150 (Demand)...
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)
Consider the following demand and supply equations for sugar: Q_D=1000-1000P〖 Q〗_S=800-1000P Where P is the price...
Consider the following demand and supply equations for sugar: Q_D=1000-1000P〖 Q〗_S=800-1000P Where P is the price of sugar per pound and Q is thousands of pounds of sugar. a) What are the equilibrium price and quantity for sugar? b) Show graphically the equilibrium price and quantity. Indicate the occurrence of shortage and surplus when disequilibrium arises.
The demand and supply equations for the Wheat market are: Demand: P = 200-4q Supply: P...
The demand and supply equations for the Wheat market are: Demand: P = 200-4q Supply: P = - 50 + Q Where P = price per bushel, and Q = quantity 1. Calculate the equilibrium price and quantity. (1.5 Marks) 2. Suppose the government guaranteed producers a price floor of AED 90 per bushel. Estimate the effect on the quantity supplied and demanded. (1.5 Marks) 3. Would the price floor affect the Market outcome? (Calculate the surplus or shortage )....
II. Solve the following problems a. The supply and demand equations for a certain product are:...
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...
Suppose the market for corn is given by the following equations for supply and demand:            ...
Suppose the market for corn is given by the following equations for supply and demand:             QS = 2p − 2             QD = 13 − p where Q is the quantity in millions of bushels per year and p is the price. Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium quantity and price. Calculate the price-elasticity of demand and supply at the equilibrium price/quantity. The government judges the market...
The demand and supply functions for a certain product are given by p=150-0.5q and p=0.002q2+1.5, where...
The demand and supply functions for a certain product are given by p=150-0.5q and p=0.002q2+1.5, where p is in dollars and q is the number of items. (a) Which is the demand function? (b) Find the equilibrium price and quantity (c) Find the total gains from trade at the equilibrium price. with its demand and supply functions, suppose the price is set artificially at $70 (which is above the equilibrium price). (d) Find the quantity supplied and the quantity demanded...
The supply and demand for a product are related to price by the following equations, where...
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 demand curve of a perfectly competitive product is described by the equation:     P =...
The demand curve of a perfectly competitive product is described by the equation:     P = $1000 – Q    where Q = thousands The supply curve is given by     P = $100 + 2Q     where Q = thousands Graph the demand and supply curves; use a grid size of 100. Calculate the equilibrium price and quantity (carefully state the units).  Find the consumer surplus CS, the producer surplus PS, and the deadweight loss DWL, carefully stating the units.
The equations for the demand and supply curves for a particular product are P = 10...
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...
The demand for a product is given by p = d ( q ) = −...
The demand for a product is given by p = d ( q ) = − 0.8 q + 150 and the supply for the same product is given by p = s ( q ) = 5.2 q. For both functions, q is the quantity and p is the price in dollars. Suppose the price is set artificially at $70 (which is below the equilibrium price). a) Find the quantity supplied and the quantity demanded at this price. b)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT