The market for paperback detective novels is perfectly competitive. Suppose we have identical book readers, and each individual book reader's demand for paperback novels is given by P=166-5Q. We have 252 book readers in the market. What is the market quantity demanded when the price of a paperback novel is $22. Enter a number only. Remember, fractions of goods are possible.

A baker will supply 17 jumbo cinnamon rolls to a cafe at a price of $3.91 each. If she is offered $3.15, then she will supply 4 fewer rolls to the cafe. The cafe's demand for jumbo cinnamon rolls is given by p = D(x) = -0.48x + 8.05. What is the equilibrium point? ___ rolls at a price of $ ___  each

Suppose that Paolo and Sharon are the only suppliers of collectible action figures in a particular market. The following table shows their annual supply schedules: Price Paolo's Quantity Supplied Sharon's Quantity Supplied (Dollars per action figure) (Action figures) (Action figures) 10 A-Z 4 8. 18 6. 12 24 8. 14 28 10 16 30 On the following graph, plot Paolo's supply of collectible action figures using the green points (triange symbol). Next, plot Sharon's supply of collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 12 Paolo's Supply 10 Sharon's Supply MacBook Air F12 F11 F10 F9 FB F7 F6 吕0 F5 O00 F4 F3 * delete &

Consider the demand for soap shown in Figure 1 above. What is quantity demand for soap if the price of a pound of soap is $10?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

Question #2 Consider the following demand function for frozen dinners where QD is the quantity of frozen dinners demanded per week, P is the price per frozen dinner, PF is the price per fast food meal, Y is the average yearly consumer income, and A is the number of advertisements for frozen dinners.    Demand Function for Frozen Dinners: QD = 1,000 – 10P + 20PF – 0.01Y + A         Suppose that a frozen dinner sells for $4, a fast food meal sells for $6, average yearly consumer income is $50,000, and that there are 20 advertisements for frozen dinners. Calculate and interpret the income elasticity of demand. Calculate and interpret the cross-price elasticity of demand with respect to fast food meals.

If the supply function for a commodity is p = q2 + 4q + 16 and the demand function is p = −8q2 + 7q + 436, find the equilibrium quantity and equilibrium price.

The market for paperback detective novels is perfectly competitive. Suppose we have identical book readers, and each individual book reader's demand for paperback novels is given by P=123-5Q. We have 337 book readers in the market. What is the market quantity demanded when the price of a paperback novel is $23. Enter a number only. Remember, fractions of goods are possible.

Suppose that the market for porcelain lupines in Freedonia is perfectly competitive and initially in a long nun equilibrium. Porcelain lupines are normal goods in Freedonia and are produced with a computer aided technology. Porcelain lupines and ceramic roses are substitutes while porcelain lupines and glass vases are complements. Suppose that a government report shows that people who possess ceramic roses are 72.74% more likely to suffer from erectile dysfunction. Describe with the use of diagrams the effects of this report upon the market for porcelain lupines in the short run and in the long run.

Suppose that the price of product A increases from $10 to $19. As a result, quantity demanded for product B changes from 300 to 265. What can we say about products A and B? Explain?

The quantity of a product demanded by consumers is a function of its price. The quantity of one product demanded may also depend on the price of other products. For example, if the only chocolate shop in town (a monopoly) sells milk and dark chocolates, the price it sets for each affects the demand of the other. The quantities demanded, q, and q2, of two products depend on their prices, p, and P2, k as follows: Enter the exact answers. If one manufacturer sells both products, how should the prices be set to generate the maximum possible revenue? What is that maximum possible revenue? P₁ = P2 = H. 9₁ = 9₂ = The maximum revenue is i 280 - 5p₁-3p2 360 - 3p₁ - 5p2.