Let (inverse) demand be Pb = 113 - 4 Qb and (inverse) supply be Pv = 29. What price will prevail in the market if it is competitive? Answer: your answer Price ($) Submit $ 120 $100 $80 $60 $40 $ 20 $0 Demand 0 10 Supply 20 Eqm 30

Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 people.   What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall?   If tickets were sold for $18, what would happen (be specific)?

Equilibrium price will not change if the decrease in demand meets with a proportionate decrease in the supply TRUE/FALSE

P $12 $9 $3 O equal to O greater than Q** O less than Q not comparable to S+T The figure above shows the market for pies. According to the graph above, the price elasticity of demand is the price elasticity of supply. S D Q 1

Please explain as detail as possible, thanks.

At a price of $100 per office chair, 120 office chairs are demanded by consumers, but at a price of $110 per office chair, only 90 office chairs are demanded. The supplier is willing to supply x office chairs for a price, in dollars, of p(x) = 0.175x + 63.75. (a) What is the market equilibrium quantity of office chairs? office chairs (b) What is the market equilibrium price in dollars? $

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2. P Price ($) $ 120 $100 $80 $60 Let (inverse) demand be Pb = 108 - 7 Qb and (inverse) supply be Pv = 18 + 3 Qv. What quantity will be exchanged in the market if it is competitive? Answer: your answer Submit $40 $20 0 $0 0 5 2 4 Demand 10 6 Quantity Supply 15 8 Quantity 10 Eqm 20 12 14 25 16

9. Let (inverse) demand be Pb = 84 - 1 Qb and (inverse) supply be Pv = 20 + 2 Qv. What quantity will buyers purchase if the market is competitive? Answer: your answer Submit Price ($) $200 $ 180 $ 160 $140 $120 $100 $80 $ 60 $40 $20 $0 0 10 20 Demand 30 40 Supply 50 Eqm 60 70 80 90

4. Let (inverse) demand be Pb = 99 and (inverse) supply be Pv = 6 + 35 Qv. What price will prevail in the market if it is competitive? Answer: your answer Price ($) $ 3500 $ 3000 $ 2500 $ 2000 $ 1500 $ 1000 $ 500 $0 10 20 Demand 30 Submit 40 Supply 50 60 Eqm 70 80 90 100