1. Suppose that the smartphone market has the demand equation of P= 1,200 - 3.5Qd and the supply equation of P= 450 + 2.5Qs. a. Find the equilibrium price and equilibrium quantity for this market? b. Draw a graph to show this market and compute for consumer surplus, producer surplus, and market surplus.
1. Suppose that the smartphone market has the demand equation of P= 1,200 - 3.5Qd and the supply equation of P= 450 + 2.5Qs. a. Find the equilibrium price and equilibrium quantity for this market? b. Draw a graph to show this market and compute for consumer surplus, producer surplus, and market surplus.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section5.2: Cloting Choices
Problem 1R
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1. Suppose that the smartphone market has the demand equation of P= 1,200 - 3.5Qd and the supply equation of P= 450 + 2.5Qs.
a. Find the
b. Draw a graph to show this market and compute for
2. The right-hand side graph shows the hot dog market. Based on the graph :
a. what is price elasticity to demand a hot dog from the price of $4 to $1?
b.What is the price elasticity of supply for a hot dogs from the price of $1.5 to 4$?
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