The supply curve in a market is given by P = 9+1.27(Q), while the demand curve...

Question

Question

Answer 1

Answer #1

Supply curve P = 9 + 1.27 Q

Demand curve P = 60 - 1.5 Q

For equilibrium Qty & Price, setting Supply = demand

9 + 1.27Q = 60 - 1.5Q

1.27Q + 1.5Q = 60 - 9 = 51

2.77 Q = 51

Q = 18.411 ~ 18.41

puttin value of Q in supply curve, P = 9 + 1.27 * 18.41 = 32.38

option C is the correct answer

Answer 2

Similar Homework Help Questions

The supply curve in a market is given by P = 9+0.859(Q), while the demand curve...

The supply curve in a market is given by P = 9+0.859(Q), while the demand curve is P = 41 - 1.1(Q). 10 V 10 20 30 40 QE = The equilibrium price and quantity will be PE = __ O A. $35.31; 20.9 O B. $35.31; 30.63 O C. $26.98; 30.63 O D. $23.03; 20.9 O E. $23.03; 16.33
In a market demand and supply equations are: The demand curve is given as: P =...

In a market demand and supply equations are: The demand curve is given as: P = 50 - 3Q The supply curve is given as: P = 10 + 2Q Assuming a perfectly competitive market: 1) What is the equilibrium price and quantity?
If the supply curve is given by the equation P 10 + 4Q, and the demand...

If the supply curve is given by the equation P 10 + 4Q, and the demand curve is given by the equation P 185-10Q, then a price-ceiling set at Pax $50 will result in a dead-weight loss of CA. $40.25 B. $20.50 C C. $45.00 C D. $43.75 C A monopolist faces a downward sloping demand curve,P 2540-30.00.Total revenue will e maximized at the quantity of OA 127.0 OB. 8.5 OC 28 OD.4.2 Amonapolst foces a downward sloping demand curve...

The supply curve in a market is given by P = 6 + 1.75(Q). The first...

The supply curve in a market is given by P = 6 + 1.75(Q). The first demand curve (D 1) is P = 48 - 2.0(Q), while the second demand curve (D 2) is P = 33.6 - 2.0(Q). T-Mobile Wi-Fi @f 12%( O. 7:38 AM abbhosted.cuny.edu Home Take Test: Online Assignment 1 50 40 30 20 10 D1 D2 10 20 The change in price is a decrease of$_ A. S29.18 S6.40 S2.56 S4.35 E. S5.12
In this market the supply curve is given by Qs= 100Pe – 50Pt and the demand...

In this market the supply curve is given by Qs= 100Pe – 50Pt and the demand curve is given by Qd = 1000 – 150Pe + 100Pb, where Pe denotes daily price of education tuition, Pt denotes teacher wage per hour, and Pb denotes price of textbooks. a) Assume that Pt is fixed at $10 and Pb = $50. Calculate the equilibrium price and quantity. Illustrate this market using a supply and demand diagram. b) Suppose the teacher’s union successfully...
in a market for figs (Q, measured in kilograms) monthly demand and supply is given by:...

in a market for figs (Q, measured in kilograms) monthly demand and supply is given by: market equilibrium price is p*= 12 market equilibrium quantity is q* = 40,000 a) compute the price elasticity of supply of figs and the price elasticity of demand of figs at the equilibrium point. b) do producers or consumers have the relatively less elastic curve in this market? QP (p) = 280,000 – 20,000p QS(p) = 5,000p – 20,000

The demand for calculators can be represented by PD = 120 - (1/4)Q, and the supply...

The demand for calculators can be represented by PD = 120 - (1/4)Q, and the supply of oranges is represented by pS = 30 + (1/2) QS. Price is in dollars and quantity is in units of oranges. What is consumer surplus in this market? O A. $1,900 OB. $3,600 OC. $2,000 OD. $1,800 The demand for calculators can be represented by PD = 120 - (1/4)9, and the supply of oranges is represented by pS = 30 + (1/2)...
Demand curve: P = 30 – Q Supply curve: P = 2Q Calculate the equilibrium quantity...

Demand curve: P = 30 – Q Supply curve: P = 2Q Calculate the equilibrium quantity and price.
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...

QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...

Question 1: In a perfectly competitive market, the demand curve is given as: Q=100-5P, the supply curve is given as Q=3P...

Question 1: In a perfectly competitive market, the demand curve is given as: Q=100-5P, the supply curve is given as Q=3P-12. Compute the total social surplus of this market. If the government impose a tax on the producers, and the tax rate is $2 per unit produced. What is the deadweight loss? If the government impose a tax on the consumers, and the tax rate is $2 per unit purchased, graphically show the change in the market equilibrium and the...