Please answer question C, D and E only Given the following individual demand and supply equations for onions:Qd = 40 - 3PQs = -20 + 5PRequirements:QD = Qd x number of consumersA. Compute for the market demand (QD) of onions assuming there are 5000 consumers in the market.Answer must be a linear equation.Hint:QS = Qs x number of sellersB. Compute for the market supply (QS) of onions assuming there are 500 sellers in the marketAnswer must be a linear equation.Hint:C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q)Answer must be in 2 decimal places for P and whole number for QHint:Equate QD and QSD. If price increases by P 0.50, will there be surplus or shortage? By how many units?E. Present your answer in Requirement C and D graphically (in one graph only)All curves, axes and points must be labeled properly to get full points.

Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q) Answer must be in 2 decimal places for P and whole number for Q Hint: Equate QD and QS D. If price increases by P 0.50, will there be surplus or shortage? By how many units? E. Present your answer in Requirement C and D graphically (in one graph only) All curves, axes and points must be labeled properly to get full points.

C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q) Answer must be in 2 decimal places for P and whole number for Q Hint: Equate QD and QS D. If price increases by P 0.50, will there be surplus or shortage? By how many units? E. Present your answer in Requirement C and D graphically (in one graph only) All curves, axes and points must be labeled properly to get full points.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Lumber-4-Less knows that the monthly demand for framing studs is 2550 when the price is $1.75 each, but the demand rises to 3050 when the price decreases to $1.70. Assuming that the demand function is linear, write the equation for the demand function. Use q for quantity. P =
The accountant of an agricultural company is asked to make a report about the commodities, and according to the data, the demand equation for a certain commodity is x^2 + p^2=100, where p dollars is the price of one unit when 100x units of the commodity are demanded. The accountant needs to find the average total revenue when the number of units demanded takes on all values from 600 to 800. With complete solution and explanation please, thank you!
a) The demand function for a product is p = 60 3-9/15) where q is the number of units and p is the price of one unit. At what price will the demand be 15 units? How many units will be demanded if the price is $41.60?
When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
In this question, you'll have to solve for price elasticity of demand using the percent change formula. When the old price of a food package was $4.64 per package, the old quantity was 1,081 packages were sold each day. After the price increased to the new price $10.89 per package, sales dropped to a new quantity of 447 packages per day. Using these numbers, what is the price elasticity of demand for food packages? Round your answer to 3 decimal places.
The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x is
Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?
Suppose a certain home improvement outlet knows that the monthly demand for framing studs is 2,700 when the price is $5.46 each but that the demand is 3,300 when the price is $5.34 each. Assuming that the demand function is linear, write its equation. Use p for price (in dollars) and q for quantity.
Consider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).
A garden shop determines the demand function D(p) = 4p+1000 during early summer for %3D 40p+26 comato plants where q is the number of plants sold per day when the price is p dollars per plant. a. Find the price elasticity of demand equation. b. Calculate the price elasticity of demand at a price of $3. Is the demand elastic, inelastic, or unit elastic? How do you know? C. Based on the information in part b, should the garden shop increase, decrease, or leave the price the same at $3 if it wants to increase revenue? Explain. d. Calculate the revenue before the price change and after to support your answer to part c.
Suppose the demand function for a product is given by pq+p=5000 where p is price in dollars and q is the number of units sold. If the price is $50 and increasing by $2 per week, how is the quantity sold changing?
A: Suppose the initial demand at the price of $10 was 100. When the price rises to $12, the demand drops to 30. Find the price elasticity of the demand. Is the demand elastic or inelastic in this price range? Will the revenue increase or decrease as the result of this price change? Justify your answer. B:. Using calculus, calculate the price elasticity of the following demand functions: D(p)=10-2ln(p) and D(p)=7p -3 . C: Suppose now that the demand is D(p)=12-3p. At what price is the revenue maximized? What is the maximum revenue? What is the price elasticity of demand at this price?