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7. The demand equation for a product is
q=3√540-3p
Calculate
occurs at a price of $100.
Step by step
Solved in 3 steps with 4 images
- Given that the demand for 10 crates of eggs is 200 dollars is supplied to 5 stores and thedemand for 4 crates at 50 dollars and supplied to 15 stores, calculate the equilibrium price and quantity 2.19) Consider the market for drinking water on a summer camping trip. The supply for water (in gallons) is Qs = 2 + 2P. There are two people on the camping trip, Tony and Khushbu. Tony's demand for drinking water is QDremy = 18 – 3P and Khushbu's demand is = 6 – P. a. What is the total demand for water on this trip? b. Graph supply and demand for drinking water and find the equilibrium price and quantity. c. Suppose some external factors cause the supply of water to shift to Qs = 12 + 2P. Graph this change and calculate the new equilibrium price and quantity. d. What is the price elasticity of demand for this price change? %3|Explain / Define the terms? a) Marginal utility b) Price c) Supply
- 4.the demand and supply function for chocolate are as below: Qd= 45-4p Qs= -15+2p a) Calculate the equilibrium price and the equilibrium quantity and plot a graph? b) If the goverment impose a maximum price of RM 5, what happens to the market? c) If the goverment mandate a minimum price of RM 12, what happens to the market?The table shows the quantity of tablets that is demanded and supplied at various prices. Quantity Demanded Quantity Supplied Price 50 75 100 125 120,000 112,500 105,000 97,500 100,000 102,500 105,000 107,500 Assume that the new equilibrium price is $50. How much would quantity supplied need to increase at each price to reach this equilibrium? A) 2550 B) 5050 C) 20,000 D) 112,499Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $
- 1. Find the equilibrium price and quantity with QD = 90 -15P and QS =-10 + 10P 2. Increase the demand function in problem 1 by 50 and calculate the new equilibrium price and quantity.The following table contains a monthly demand schedule for pizzas. Price Quantity Demanded $10 A $15 30 If the law of demand applies to these pizzas, then A could be a) 15b) 20c) 0d) 45In the preceding diagram what areas represent consumers surplus at the equilibrium price of PE? At PC?
