Question

Let 30∗price+3∗price∗quantity+(quantity^2)/100=2000 be an equation relating supply and price for gizmos. Find dprice/dquantity and dquantity/dprice (Use...

Let 30∗price+3∗price∗quantity+(quantity^2)/100=2000 be an equation relating supply and price for gizmos. Find dprice/dquantity and dquantity/dprice (Use p for price and use q for quantity). Explain what each derivative means.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The table below shows the demand and supply schedules for gizmos. a. Use the information in...
The table below shows the demand and supply schedules for gizmos. a. Use the information in the table to determine the market equilibrium quantity and price of gizmos. b. Suppose the government wants to set a quota that states that only 8 gizmos can be exchanged. What is the demand price and what is the supply price at this quota limit? c. At the quota limit of 8 gizmos, what is the quota rent available to sellers of gizmos? d....
Let the market demand curve be QD=8-P and the market supply curve be QS=P. Let price...
Let the market demand curve be QD=8-P and the market supply curve be QS=P. Let price P be measured in $/unit and let quantity Q be measured in singular units (i.e. simple count). Solve for the equilibrium price P* and quantity Q*. Now, assume the government imposes a $2/unit tax on consumers, which leads to wedge/gap between the buyers’ price Pb and the sellers’ price PS. Rewrite the demand and supply curves using Pb and PS, respectively. Write down the...
The revenue and expense equation for widgets are revenue=100∗quantity−0.3∗quantity^2+0.004∗quantity^3 expense=600+10∗quantity Find the derivative of revenue with...
The revenue and expense equation for widgets are revenue=100∗quantity−0.3∗quantity^2+0.004∗quantity^3 expense=600+10∗quantity Find the derivative of revenue with respect to expense when quantity=25. dR/dE=?
Suppose the supply curve for a product is given by the equation QS = 1000 +...
Suppose the supply curve for a product is given by the equation QS = 1000 + P, where price P is measured in dollars and quantity Q is measured in number of units. 1. Now suppose that the demand curve is given by the equation QD = 9000 - P - 0.05I, where I is income measured in dollars. If income is $100,000, what is the current equilibrium price and quantity? 2. Suppose that income falls from $100,000 to $80,000....
A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P...
A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P + 0.0002I, where Q is the quantity demanded at price P when the person’s income is I. Assume initially that the person’s income is $60,000 5. If price rises to $12, how much consumer surplus is lost? [State your answer as an integer, i.e. don't use a decimal point.] Loss in consumer surplus = $ 6. If the person’s income were $80,000, what would...
A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P...
A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P + 0.0002I, where Q is the quantity demanded at price P when the person’s income is I. Assume initially that the person’s income is $60,000 5. If price rises to $12, how much consumer surplus is lost? [State your answer as an integer, i.e. don't use a decimal point.] Loss in consumer surplus = $ 6. If the person’s income were $80,000, what would...
Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are...
Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given. ​Supply:p=120q  Demand: p= - q2 +16,000 The equilibrium quantity is q = ------------ at price p=​ $ -------------.
Consider the supply and demand schedules for calzones at a local pizzeria. Use the information in...
Consider the supply and demand schedules for calzones at a local pizzeria. Use the information in the schedules to answer the five questions. Demand Price (P) $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 Quantity (Q) 20 40 60 80 100 120 140 160 180 200 Supply Price (P) $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 Quantity (Q) 20 30 40 50 60 70 80 90 100 110 Consider the supply and demand schedules for...
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 following equations describe the market for Fitbits: Demand equation: Qd = 2000 - 5P; Supply...
The following equations describe the market for Fitbits: Demand equation: Qd = 2000 - 5P; Supply equation: Qs = 20 P (a) Find the equilibrium quantity and price for Fitbits; (b) In an effort to encourage people to get healthy, the Government imposed a price ceiling of $50 on Fitbits. How many Fitbits are sold with the price ceiling?; (c) Is there excess demand or excess supply at $50? If so, how much?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT