A firms demand function is Q= 10 - P/6; its supply function is Q= P/3 - 2.

1. Inverse demand is P = 245 – 2Q and inverse supply is P = 20...

1. Inverse demand is P = 245 – 2Q and inverse supply is P = 20 + Q. a. What is the equilibrium price and quantity in this market? b. Graph the supply and demand curves, correctly identifying the intercepts and equilibrium. c. Is the equilibrium quantity in the elastic, unit elastic, or inelastic portion of the demand curve? Explain. d. Suppose inverse supply changes to P = 10 + 0.5Q. Is this an increase or decrease in supply? Graph...

Suppose in Diamond Land people mine diamonds, and you have a demand and supply curve for...

Suppose in Diamond Land people mine diamonds, and you have a demand and supply curve for diamonds, where P is the price of diamonds and Q is the quantity demanded for diamonds (in pounds): P=300-0.5Q P=100+0.5Q Please find the equilibrium price and quantity for diamonds. Please graph supply and demand curves and show the equilibrium price and quantity demanded on the graph. Please also label the axes, intercepts, and curves. Suppose the government of Diamond Land wants to implement price...

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)

Demand function: P = 7 – 2Q Supply function: P = 4 + Q Where P...

Demand function: P = 7 – 2Q Supply function: P = 4 + Q Where P is the farm price in $/bushel and Q is quantity in billions (1,000,000,000s) of bushels sold. 1. a. Graph the Demand and Supply curves for wheat and find the equilibrium price and quantity of wheat sold in this competitive market. You can solve graphically or algebraically as two equations with two unknowns. Show your calculations.

Assume that demand for a commodity is represented by the equation P = 10 - 0.2Q...

Assume that demand for a commodity is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Find equilibrium price and quantity (algebraically). Then graph the supply and demand lines, plot equilibrium point and label axes, equilibrium P* and Q*, vertical and horizontal intercepts for demand curve, and vertical intercept for the supply curve.

The demand for sunglasses is given by D(p) = 100 − 2 p and the supply...

The demand for sunglasses is given by D(p) = 100 − 2 p and the supply curve is given by S(p) =3p (a) Compute the equilibrium price and equilibrium quantity of sunglasses. (b) Sketch both the demand and supply curves on the same graph (be sure to label your axes correctly). (c) Determine the value of consumer surplus and producer surplus at the equilibrium values. Suppose all sunglasses are imported from China. Suppose also that the government imposes an import...

The inverse demand curve for delivery meals is: Pd=18-3Qd the inverse supply curve is: Ps=3Qs where...

The inverse demand curve for delivery meals is: Pd=18-3Qd the inverse supply curve is: Ps=3Qs where p is price of meal in dollars, Q is quantity in thousands of meals a.) solve for equilibrium price and quantity b.) draw the supply and demand curves and the equilibrium outcome on axes below and label graph c.) Calculate the consumer surplus and producer surplus in this market, and show them on the set of axes above. d.) suppose the government imposes a...

A.1. a. Suppose the demand function P = 10 - Q, and the supply function is:...

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...

Problem II: (T1)The demand function for widgets is given by P = 270 - 3Q and...

Problem II: (T1)The demand function for widgets is given by P = 270 - 3Q and the supply is P = 20 + 2Q. a) Find the equilibrium price and quantity of widgets. b) Is demand elastic or inelastic at the equilibrium point? (Calculate the elasticity of de­mand at the equilibrium and classify it as elastic or inelastic.) c.) Draw a graph showing the market equilibrium point and highlight the consumer surplus. Clearly label your axes and intercepts. Calculate the...

Suppose the (inverse) demand function facing a firm is p(q)=10 – q, where p is the...

Suppose the (inverse) demand function facing a firm is p(q)=10 – q, where p is the price, q is quantity. 1. Draw the (inverse) demand function and marginal revenue. Show your detailed work such as slope, intercept. 2. Suppose the firm has a marginal cost MC=q, and it is the only firm in the market (that is, monopoly). Find the output level and price set by the firm based on your graph in (1). (You do not need to derive...