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Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P=-2Q^2-6Ql+ 140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue for Curve B Cure A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded = quantity supplied

Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P=-2Q^2-6Ql+ 140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue for Curve B Cure A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded = quantity supplied

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Can someone please solve these questions? I cant do it

Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P=-2Q^2-6Q+140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue, for Curve B CUNE A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded = quantity supplied
Transcribed Image Text:Consider the equations and graphs for the demand and supply functions given below, then answer the following questions. P = 3Q^2 +9Q (eq. 1) P=-2Q^2-6Q+140 (eq.2) Note: P is in dollars and cents and Q is in units. Maximum Volue, for Curve B CUNE A Curve B (a) Explain which equations correspond with Curve A, and which one corresponds with Curve B? (b) Label the vertical and horizontal axes on the graph and identify the demand and supply functions by writing "Demand" or "Supply" inside the boxes labeled with "Curve A" or "Curve B" on the graph. (c) State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places) (d) The maximum point for curve B is shown in the diagram in the left of the vertical axis. Explain why this should be the case. (e) Curve A passes through the origin. Explain why this is usually the case. (f) Calculate the equilibrium quantity and price. (Answer to 2 decimal places) Note that equilibrium occurs when the quantity demanded = quantity supplied
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