ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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3. Suppose that the demand curve is given by: Qd = 30 – (P/8) and the supply curve is given by: Qs = (P/2) – 25 a. Find the inverse supply and demand curves. b. Sketch the inverse supply and inverse demand functions. (Hint: use the inverse curves.) c. Compute the equilibrium price and quantity. (Hint: use the inverse curves.) d. Suppose that the inverse supply curve shifts upward by 40 units. What is the equation for the new inverse supply curve? Graph the new supply curve. e. Compute the new equilibrium price and quantity. Compare the new equilibrium price and quantity to the old.
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Transcribed Image Text:3. Suppose that the demand curve is given by: Qd = 30 – (P/8) and the supply curve is given by: Qs = (P/2) – 25 a. Find the inverse supply and demand curves. b. Sketch the inverse supply and inverse demand functions. (Hint: use the inverse curves.) c. Compute the equilibrium price and quantity. (Hint: use the inverse curves.) d. Suppose that the inverse supply curve shifts upward by 40 units. What is the equation for the new inverse supply curve? Graph the new supply curve. e. Compute the new equilibrium price and quantity. Compare the new equilibrium price and quantity to the old.
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