The estimated monthly U.S. demand function for avocados is Q=144-40p+20pt, where p is the price of avocados and pt is the price of tomatoes. The estimated supply function is Q=50+15p.The initial price of tomatoes is $0.80 per pound. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $1.15 to $1.95. Given pt=$0.80, the initial equilibrium price of avocados is p=$?? and the initial equilibrium quantity of avocados is Q=??.
(Enter your responses rounded to two decimal places.)
Enter your answer in the edit fields and then click Check Answer.
Homework Answers
Add Answer to:
The estimated monthly U.S. demand function for avocados is
Q=144-40p+20pt, where p is the price of...
How to get the bottom 2 questions Suppose the demand function for avocados is -104-40p+20pt 0.01Y...
How to get the bottom 2 questions
Suppose the demand function for avocados is -104-40p+20pt 0.01Y where p is the price of avocados, pt is the price of tomatoes, and Y is average income, and the supply function for avocados is Q-58 15p-20p, where pr is the price of fertilizer. Suppose pt SO.80, Y -$4,000, and pr $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is -$2 and the equilibrium quantity is Q80...
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where p...
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where p is the price of avocados and pf is the price of fertilizer. The price elasticity of supply, estimated at p = 4 and pf = 10, is approximately?
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where p...
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where p is the price of avocados and pf is the price of fertilizer. When the price of fertilizer increases by $1.50 the inverse supply curve shifts The price elasticity of supply, estimated at p = 4 and pf = 10, is approximately When the price of fertilizer increases by $1.50 the supply curve shifts
Suppose the demand function (D) for golf clubs is: Q-240-0.50P where P is the price paid...
Suppose the demand function (D) for golf clubs is: Q-240-0.50P where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands. Suppose the supply curve (S) for golf clubs is estimated to be: Q-1.00P. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is $ 160 per club (Enter your response as an integer.), and the equilibrium quantity is 160 thousand clubs (Enter your response...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid by consumers in dollars per club and is the quantity demanded in thousands Suppose the supply curve (S) for golf clubs is estimated to be Q=2.00P Calculate the equilibrium price for golf clubs and the equilibrium quantity sold The equilibrium price is $ per club (Enter your response as an integer.), and the equilibrium quantity is Suppose instead that golf club producers agree to...
The demand function for bicycles in Greece is estimated to be ?=2000−5.5? Where Q is the...
The demand function for bicycles in Greece is estimated to be ?=2000−5.5? Where Q is the quantity demanded in units and P is the price per unit. When P=150 euros, determine the price elasticity of demand.
The demand function for pork is Q400 100P 0.01INCOME where Q" is the tons of pork...
The demand function for pork is Q400 100P 0.01INCOME where Q" is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. Cl The supply function for pork is Q%- 200+150P-30coST where Qs is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food....
TULTIC VOIR.NUULUU UUUPCI I TIULTIC VOIR Score: 0 of 1 pt 5 of 14 (4 complete)...
TULTIC VOIR.NUULUU UUUPCI I TIULTIC VOIR Score: 0 of 1 pt 5 of 14 (4 complete) HW Score: 9.52%, 1.33 of 14 pts Concept Question 7.1.3 Question Help The figure on the right displays the market for video game consoles, where nine buyers are interacting with nine sellers Market for Video Game Consoles and at that price, the 900 H According to this figure, the equilibrium price is $ equilibrium quantity is 800- 7004 500 5004 Price 300- Quantity Enter...
The demand function for an oligopolistic market is given by the equation, Q = 275 – 4P, where Q is quantity demanded and P is price (Note: inverse demand for the dominant firm here is P = 50 - .2Q). T...
The demand function for an oligopolistic market is given by the equation, Q = 275 – 4P, where Q is quantity demanded and P is price (Note: inverse demand for the dominant firm here is P = 50 - .2Q). The industry has one dominant firm whose marginal cost function is: MC = 12 + 0.7QD, and many small firms, with a total supply function: QS = 25 + P. In equilibrium, the total output of all small firms is
13.6.17 Question Help The Cobb-Douglas production function for a particular product is N(x,y) = 80x0.8,0.2, where...
13.6.17 Question Help The Cobb-Douglas production function for a particular product is N(x,y) = 80x0.8,0.2, where x is the number of units of labor and y is the number of units of capital required to produce N(x, y) units of the product. Each unit of labor costs $40 and each unit of capital costs $120. IF $1,200,000 is budgeted for production of the product, determine how that amount should be allocated to maximize production. Production will be maximized when using...
How to get the bottom 2 questions
Suppose the demand function for avocados is -104-40p+20pt 0.01Y where p is the price of avocados, pt is the price of tomatoes, and Y is average income, and the supply function for avocados is Q-58 15p-20p, where pr is the price of fertilizer. Suppose pt SO.80, Y -$4,000, and pr $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is -$2 and the equilibrium quantity is Q80...
Suppose the demand function (D) for golf clubs is: Q-240-0.50P where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands. Suppose the supply curve (S) for golf clubs is estimated to be: Q-1.00P. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is $ 160 per club (Enter your response as an integer.), and the equilibrium quantity is 160 thousand clubs (Enter your response...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid by consumers in dollars per club and is the quantity demanded in thousands Suppose the supply curve (S) for golf clubs is estimated to be Q=2.00P Calculate the equilibrium price for golf clubs and the equilibrium quantity sold The equilibrium price is $ per club (Enter your response as an integer.), and the equilibrium quantity is Suppose instead that golf club producers agree to...
The demand function for pork is Q400 100P 0.01INCOME where Q" is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. Cl The supply function for pork is Q%- 200+150P-30coST where Qs is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food....
TULTIC VOIR.NUULUU UUUPCI I TIULTIC VOIR Score: 0 of 1 pt 5 of 14 (4 complete) HW Score: 9.52%, 1.33 of 14 pts Concept Question 7.1.3 Question Help The figure on the right displays the market for video game consoles, where nine buyers are interacting with nine sellers Market for Video Game Consoles and at that price, the 900 H According to this figure, the equilibrium price is $ equilibrium quantity is 800- 7004 500 5004 Price 300- Quantity Enter...
13.6.17 Question Help The Cobb-Douglas production function for a particular product is N(x,y) = 80x0.8,0.2, where x is the number of units of labor and y is the number of units of capital required to produce N(x, y) units of the product. Each unit of labor costs $40 and each unit of capital costs $120. IF $1,200,000 is budgeted for production of the product, determine how that amount should be allocated to maximize production. Production will be maximized when using...
Most questions answered within 3 hours.
-
The cynics, skeptics, epicureans, & stoics were most
philosophies that dealt with:
a. the physical...
asked 56 seconds ago -
The hydronium ion concentration of an aqueous solution of 0.333
M trimethylamine (a weak base with...
asked 2 minutes ago -
A buffer is prepared by partially titrating 50.00 mL of 0.964 M
benzoic acid using 0,100...
asked 5 minutes ago -
For a Generalized Additive Model, what does a large
edf(empirical distribution function) value mean?
Thank you...
asked 18 minutes ago -
questions for Biology lab
An agarose gel electrophoresis assay performed with high quality
will NOT have...
asked 22 minutes ago -
A spring with spring constant 400 N/m is anchored at the bottom
of a frictionless 30^∘...
asked 26 minutes ago -
The half-life of 238U is 4.5×109 yr.
Find the number of disintegrations per hour emitted by...
asked 35 minutes ago -
y[n] = x[n] - 3x[n - 1] + 4x[n - 2]
What is the transfer function...
asked 41 minutes ago -
Which one of the following statements is TRUE?
a.
An agency relationship is when someone hires...
asked 54 minutes ago -
Consider the liquid phase reaction : A ---> Products which is
to take place in a...
asked 1 hour ago -
QUESTION ONE: For the following reaction, 13.4 grams of chlorine
gas are allowed to react with...
asked 1 hour ago -
An
Atwood's machine has one block of m1 = 0.370 kg and the other is of...
asked 1 hour ago