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- Find the equilibrium point of the demand and supply equations. Demand is p = 370 0.0003x Supply is p = 136 +0.0006x (x, p) =?The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $132. The quantity demanded each month is 1000 when the unit price is $102. The suppliers will market 700 espresso makers when the unit price is $66. At a unit price of $96, they are willing to market 2200 units. Both the supply and demand equations are known to be linear. a.)find the demand equation b.)Find the supply equation C.)Find the equilibrium pointThe quantity demanded x for a certain brand of MP3 players is 300 units when the unit price p is set at $100. The quantity demanded is 1300 units when the unit price is $60. Find the demand equation.p =
- Demand and supply in a market are described by the equations:Qd = 66 - 3PQd = -4 + 2PCalculate the equilibrium P.The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.The quantity demanded of Fitbit devices is 8,025 units when the price is $260. At a unit price of $200, demand increases to 10,000 units. The manufacturer will not market any of the device at a price of $100 or less. However for each $50 increase in price above $100, the manufacturer will market an additional 1,000 units. Assume that both the supply equation and the demand equation are linear. a) Find the supply equation. b) Find the demand equation. c) Find the equilibrium quantity. d) Find the equilibrium price.
- We obtain the following demand curve of beef in a market: = 30302.189-4303.602 In (P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know P = 8.906 and Q=12027.759. Based on this information, if price increases by 1 dollar, quantity demanded decreases by _%. (Only type in the number in your answer, do not type in the percentage sign "%" again.)The quantity demanded for the Sony VCR model 37 is 2500 per week when the unit price is $700. For each increase in unit price of $50, the quantity demanded decreases by 250 units. The suppliers will provide 2500 units when the price is $800 per unit, and they will not supply any units for $500 or less. (Note: Define your variables.) A. Algebraically determine the supply equation. (Place in function form.) B. Algebraically determine the demand equation. (Place in function form.) C. Algebraically determine the equilibrium quantity and price. D. At what price does excess supply occur?Find the market equilibrium point for the following demand and supply functions. Demand: 2p= -q+45 Supply: 3p-q=20
- Suppose that the price elasticity of demand for good q is constant and equal to -1. When the price of q is $15 per unit, the total amount demanded is 600 units. If the supply is perfectly inelastic at 150 units, the equilibrium price (p) and the equilibrium quantity (q) is (a) p = 20, q = 50 (b) p = 40, q = 100 (c) p = 60, q = 150 (d) p = 80, q = 200 (e) None of the above.Consider the demand function for processed pork in Canada, Qd = = 270.00 - 12p +20p + 3pc +0.002Y The supply function for processed pork in Canada is: Qs p is the price of pork Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ rounded to two decimal places.) = 234.00 + 36p - 60ph Pp is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbersThe demand for scarves depends on the weather during winter. If it is a heavy winter, then the demand for scarves is QH (P) = 84 — 3P and if it is a light winter the demand for scarves is Q₁(P) = 85 - 4P. The supply of scarves is Qs(P) = 4P - 7. - a) Find the equilibrium price and quantity in each case. b) Calculate the elasticity of demand and the elasticity of supply when P = 10. Comment on your results. c) In separate graphs, draw the two cases and depict the consumer and producer surplus. Calculate the surpluses in all cases. d) The government wants to limit the production of scarves and sets a quota of 42 scarves. What is the effect of the quota in each case? In separate graphs, draw the effect of the quota. Calculate the effect of the quota on welfare (consumer surplus etc).
