Given: (X is humber of items) Demand function: d(x) = 264.6 – 0.2x² Supply function: s(x) = 0.4x² - Find the equilibrium quantity: Preview Find the consumers surplus at the equilibrium quantity: Preview
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- Prove that price elasticity of demand is not the same as the slope of a demand curve.Given: (x is number of items) Demand function: d(x) = 862.4 – 0.5x? Supply function: s(x) = 0.6x² Find the equilibrium quantity: | Preview Find the consumers surplus at the equilibrium quantity: PreviewGiven: (x is number of items) Demand function: d(x) = 128 – 0.3x? Supply function: s(x) = 0.2a? Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:
- Given: (q is number of items) Demand function: d(q) = 743.6 – 0.6q² Supply function: s(q) = 0.5q² Find the equilibrium quantity: Find the equilibrium price: $ Submit Question itemsIn a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. (a) What is the equilibrium price and quantity? (b) What is the price elasticity at a price of £35? (c) What do you expect will happen to total expenditure on this good if the price increases from £35 to £40? Is this expectation confirmed if you calculate the total revenue for each price?The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $
- Suppose the market demand curve for a product is given by Qd = 500 −50P and the market supply curve is given by Qs = −50 + 25P. a)At the market equilibrium, what is the price elasticity of demand? Hint: Find and use in place of ( and use equilibrium values of P and Q. Comment on the value of the price elasticity of demand. Suppose the price in this market is $5. What is the amount of excess demand? Suppose demand for good A is given by QDA= 500- 5PA+ 2PB+ 0.80I where PA is the price of good A,PB is the price of some other good B, and I is income. Assume that PA is currently Tk.10 PB is currently Tk.5, and I is currentlyTk.200. a) What is the income elasticity of demand for good A at the current situation? Hint: Find ∂Q/∂I and use in place of (∆Q/∆I). Comment on the value of the income elasticity.The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.Suppose the demand function is linear. At p = 8, quantity demanded is Q = 16. At p = 15, quantity demanded is Q = 10. For the price increase from 8 to 15, the loss in consumer surplus due to fewer goods being purchased is -- surplus due to a higher price on the goods still purchased is and the loss in consumer
- Suppose that the price elasticity of demand for a packet of cigar is -0.85 and the price elasticity of supply is 1.5 at market equilibrium. As a result of an increase on sales tax, the new equilibrium price rises by 15%. (a) What is the percentage change in quantity demanded of cigar? Show your calculation.In a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. 1. What is the equilibrium price and quantity? 2. What is the price elasticity at a price of £35? 3. What do you expect will happen to total expenditure on this good if the price increases from £35 to £40? Is this expectation confirmed if you calculate the total revenue for each price?Suppose that the demand for lawn fertilizer can be expressed as QD = 5000 - 120P and that the supply of lawn fertilizer can be expressed as QS = 1000 + 80P where Q is measured in thousands of tons per year and P is measured in dollars per thousand tons. What is the price elasticity of demand when the market is in equilibrium?