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PROBLEM SET1-MATH AND PRINCIPLES REVIEW Section 3: Supply and Demand Review Use the below: following Demand and Supply Equations for UK T-shirts to answer the questions Qo=50.2P Qs-5P-25 16. Find both the Inverse Demand and Inverse Supply Equations. o +2P-50 -> r-25- (Qs 5P-25 0- 17. Find the Equilibrium Price (round to 2 decimals). 50.ap、ちP-25 グ:75 nP 75 0-714.. 18. Find the Equilibrium Quantity. 200
19. Graph both the Supply and Demand Equations (Be sure to label each axis, and your equilibrium price and quantity found in 17 and 18). QD 50-2 28.57 Consume Surplus /0.71) Producer PE 10.71 o J0 25 30 35 40 A5 5 20. Calculate the Consumer Surplus if the market is in equilibrium. (25-10-TI)85)204.14 21. Caleulate the Producer Surplus if the market is in equilibrium. -5 2881.57
PROBLEM SET 1- MATH AND PRINCIPLEx u 16. 22. Calculate the Elasticity of Demand when the Price 23. When Price-16, are you on the elastic, inelastic, or unitary elastie portion of the demand curve? Suppose a NIT basketball season causes the quantity demanded for UK T-shirts to reduce by 5 shirts at every price. 24. After the shift, comment on whether you should see the equilibrium price AND quantity increase or decrease (hint, might be helpful to draw graph here) Price: Quantity: 25. Find the new equilibrium price and quantity22-25 please!
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