3 handwritten next x years is R(x)= 19-x where x € [0,6]. The annual interest rate is 12% compounded continuously.32.5pp-10.013. ( Suppose that the direct demand and direct supply functions are q -1 and q respectively (where qis quantity and p is price). Show that the equilibrium price and quantity are 1.25 and 25, respectively. Using integral,determine the consumer, producer and social surplus.re2002na au n2+29

Given Demand function: q=32.5p-1 .... (1) Supply function: q=p-10.01…

3. ( ) Suppose that the direct demand and direct supply functions are q = 2-1 and q = respectively (where q 32.5 P 0.01 is quantity and p is price). Show that the equilibrium price and quantity are 1.25 and 25, respectively. Using integral, determine the consumer, producer and social surplus.

3. ( ) Suppose that the direct demand and direct supply functions are q = 2-1 and q = respectively (where q 32.5 P 0.01 is quantity and p is price). Show that the equilibrium price and quantity are 1.25 and 25, respectively. Using integral, determine the consumer, producer and social surplus.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You are the manager of Zokia Ghana Limited, a producer of beans. In Ghana, it is possible to produce beans or groundnut using the same resources. Therefore, producers are able to sw itch from beans to groundnut production depending on market conditions. Consequently, Zokia consulted an Economist who estimated the demand function for beans as: Qbd = 600 – 4Pb – 0.03M – 12Pg + 15T + 6Pe + 1.5N where Qbd is the quantity demanded of beans each month, ?? is the average price of beans (in Ghana Cedis), M is the average household income (in GH¢), ?? is the price of groundnut (in GH¢), T is a consumer taste index ranging in value from 0 to 10 (the highest rating), ?? is the price (in GH¢) consumers expect to pay next month for beans, and N is the number of buyers in the market for beans. Assume the following initial values: ??=5, ??= 40, T= 6.5, Pe= 5.25, N= 2000, Qbd = 2479 Determine the equation of the demand curve for beans
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Suppose that the demand curve for visits to Grand Teton National Park is given by p = 4000 - x, where p measures the total price per visit and x measures the number of visits per month (in hundreds). Suppose that we have access to a cross-section of last year's visits to the site from which we're able to infer that the average household cost per visit during 2023 was $1,800. 1. What is the implicit valuation of the site to society? 2. Suppose that the average household cost per visit increases in 2024 to $2,500 due to more expensive airfare. What is the implicit valuation of the site to society? Does it increase or decrease?
В.2 (1). Mr. Majid is a wholesaler in Mutrah market. The main items he sell in the Seeb market are Wheat, Rice and Sugar. Jasim LLC is a retailer in Barka who buys wheat, rice and sugar from Majid, in whole sale since ten years for the retail shop. As they are in a very good trade relationship Majid planned to give him a trade discount of 20%, 25% and 30% on wheat, rice and sugar respectively. If Jasim LLC, gets such a discount from Majid , they will be able to sell the items in the below mentioned list prices: Items Total list price Wheat ( 500 kg) OMR 899.50 Rice ( 1000 kg ) OMR 1002.90 Sugar ( 900 kg) | OMR 999.50 You are required to: (a) What price Jasim LLC should pay to buy the Wheat to Mr. Majd, the wholesaler? (b) What price Jasim LLC should pay to buy the Rice to Mr. Majid, the wholesaler? (c) What price Jasim LLC should pay to buy the Sugar to Mr. Majid, the wholesaler?
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