Question

1) The demand and supply functions for a certain product are
given by p = 150 − 0.5 q and p = 0.002 q^ 2 + 1.5 where *p*
is in dollars and *q* is the number of items.

a) Which is the demand function? Why do you know?

b) Find the equilibrium price and quantity.

c) Find the total gains from trade at the equilibrium price.

Answer #1

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...

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)

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)...

Suppose the supply and demand for a certain textbook are given
by supply: P=(1/2)q ^2 and demand P=(-1/2)q^2+30
where p is the price and q is the quantity. Find the demand
quantity and the supply quantity at a price of
$25
1)The number of books that are demanded at a price of $25
is........
and the number of books supplied at a price of $25 is......
(Round to the nearest whole number as needed.)

The market for a product has inverse demand and supply
functions given by p = 290 - 2Qd and p = 10 + 1.5Qs
In what form are these functions in? (2pts)
Find the market equilibrium quantity Q* and price P*.
(5pts)
Draw out a simple graph with these curves. Label the
p-intercept for each and indicate the equilibrium points.
(5pts)
Find the consumer and producer surpluses, along with the
total surplus.(10pts)
(i) Would this market be considered efficient?
(2pts)

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

The demand function for a product is given by p=80-0.5Q and the
supply function is p=50+0.25Q, where p is the price and Q is the
quantity. Suppose that the government impose a tax of $15 on every
unit sold.
a) Find equilibrium price and quantity before imposing the
tax.
b) Find price of buyer and seller and the quantity sold in the
market after tax.
c) Find the tax burden on buyer and seller.
d) Find government revenue and deadweight...

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

1). Find the consumer and producer surpluses by using the demand
and supply functions, where p is the price (in dollars)
and x is the number of units (in millions).
Demand Function
Supply Function
p = 410 − x
p = 160 + x
consumer surplus $_________
millionsproducer surplus $ ________millions
2) Find the consumer and producer surpluses by using the demand
and supply functions, where p is the price (in dollars)
and x is the number of units (in...

Find the market equilibrium point for the following demand and
supply functions.
Demand: p =
-4q + 310
Supply: p
= 6q + 1
p = ?
2nd question:
A shoe store owner will buy 13 pairs of a certain shoe if the
price is $73 per pair and 33 pairs if the price is $23. The
supplier of the shoes is willing to provide 22 pairs if the price
is $76 per pair but only 2 pairs if the price is...

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