Question

1) The demand and supply functions for a certain product are given by p = 150...

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.

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
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...
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)
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)...
3) The demand for a product is given by p = d ( q ) =...
3) 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....
Suppose the supply and demand for a certain textbook are given by ​supply: P=(1/2)q ^2 and...
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...
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,...
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,...
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...
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...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT