The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q).S(q)=q²+10q, D(q)=1152-18q-q²a. Graph the supply and demand curves.Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line.○ A.1000-○ B.QQ1000-1000-b. Find the point at which supply and demand are in equilibrium.The equilibrium point is (18,504). (Type an ordered pair.)c. Find the consumers' surplus.The consumers' surplus is $☐(Type an integer or decimal rounded to the nearest hundredth as needed.)○ D.1000-

The objective of the question is to graph the supply and demand curves, find the equilibrium point,…

Answered: The supply function for oil is given…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct?
2. If the supply function is given by the equation 2x − 6y + 900 = 0, determine the lowest price at which the product will be supplied.
Demand for parking in the City of Chambana is given by Qd = 210 – 0.5P, and the supply is Qs= P – 90, where price is in cents per car per day and quantity is in hundreds of cars parked per day. Draw a graph of the given demand and supply curve and label it as D0 and S0. Indicate numerically all relevant intercepts for your demand and supply curves on your graph. Find the short run equilibrium price and quantity in this market and label the numbers you found on the graph. State your equilibrium price and quantity under your graph; be careful in correctly using the units of measurement indicated in the directions for this question. Now, suppose that in order to fund improvements to the city’s parking garage, the city institutes a tax of 30 cents per unit of parking sold. E. Depict the effect of the tax by drawing an effective supply curve and label it as S1. Clearly show the direction of the shift and label the exact dollar amount by which it shifts. F. Indicate numerically all relevant…
Problem #3 - Supply/Demand An potter sells handmade mugs on their website and has found that if the price for a mug is set at $22 they will sell 60 mugs and if they set the price at $35 they will only sell 21 mugs. You must show your work on all parts! a. Construct the monthly linear demand function. Use p for the price (dollars per mug) of the produce and q for the number of mug demanded. b. Find the equilibrium price if the monthly supply function is given by: q-0.003p² + 2p+10.5 Round to the nearest cent (i.e. $0.01). Include correct units. C. Report the monthly surplus or shortage when the price is $25. What is the corresponding revenue? Include correct units.
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DS Determinants of supply The following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge-in this case, the speed with which manufacturing robots can fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Thousands of dollars) 8 20 10 0 0 Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Graph Input Tool Supply for Sedans Price of a Sedan (Thousands of…
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Suppose the supply function for product X is given by QXS = − 30 + 2Px − 4Pz. Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place.a. How much of product X is produced when Px = $600 and Pz = $60?b. How much of product X is produced when Px = $80 and Pz = $60?c. Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function. Supply function: Inverse supply function: Graph the inverse supply function from QX = 0 to QX = 200
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