For the demand equation below, x represents the quantity demanded in units of 1000 and p is the unit price in dollars. 3p + 4x − 60 = 0; p = 2 (b) Determine the quantity demanded corresponding to the given unit price p. thousand
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For the demand equation below, x represents the quantity demanded in units of 1000 and p is the unit price in dollars.
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- 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?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 isThe demand curve for a product is p = 60 - 0.0005q; where p is the price per unit, and q is the number of units demanded. How many units must be sold to achieve sales of $1,200,000?
- When the price of a gallon of milk increases from $6 to $8, quantity demanded decreases to 27 gallons. Assuming the price elasticity of demand for milk is -0.3, what is the original quantity demanded? (assuming further that this is the point elasticity relative to the original point on the demand curve.) Please make sure you give a numerical answer with no units and/or space or period (.) or comma (,) before or after your answer. Enter your answer hereIf 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.Suppose the demand function to be Qd=600-5P when Qd is the quantity demanded and P stands for price. Estimate the price at which demand would be zero.
- For a certain commodity the demand equation is given by Demand = −30p + 1000. At a price of $5, 600 units of this commodity are supplied. (a) If the supply equation is linear and the market price is $10, find the supply equation. (b)If the price of this commodity increases by $3 per unit, what effect will this have on the supply and demand of the commodity?A particular commodity has a price-demand equation given by p = √18,444 - 417x, where x is the amount in pounds of the commodity demanded when the price is p dollars per pound. (a) Find consumers' surplus if the equilibrium quantity is 40 pounds. (Round your answer to the nearest cent if necessary.) (b) Find consumers' surplus if the equilibrium price is 17 dollars. (Round your answer to the nearest cent if necessary.) $Think about the market for chocolate bars. Market research has revealed the demand and supply equations as follows: QD 1600- 200P Qs = 100+ 100P Where, P is the price in £ (UK pounds), QD and Qs are quantity demanded and supplied for the product, respectively. C) Compute the price elasticity of demand between the price of £3 and £4. Use the mid-point (arc) method (use 2 decimal places). D) If the market price is now at £3, should a chocolate bar firm increase its price to increase its total revenue? Explain why or why not.
- Consider the following: If the price per unit of good A is P200 quantity purchased is valued at 1,500 units. If price changes (increase or decrease) by P1, quantity demanded changes (decreases or increases) by 4 unitsUsing the formula Qd = 300 - 40p, find the quantity demanded when the price is $2.50?The demand function for a certain product is given by p = 500 + 1000/q+1 where p is the price and q is the number of units demanded. Find the average price as demand ranges from 46 to 96 units. (Round your answer to the nearest cent.)