Choke price is the price at which the quantity demanded would be zero
setting QD=0
0= 83-5P
5P=83-0
P= 83/5
= 16.6
Question 15 Correct Suppose the demand for Good X is given by: Qp= 83 -5Px. Calculate...
The demand for wheat is given by: Qp-186-0.4P. The supply of wheat is given by: Qs- 3P-120. Suppose the government imposes a a price ceiling of $68. Question 4 Tries remaining: 2 Points out of 7.70 Calculate the dollar amount of consumer surplus from the price ceiling. Flag questionD ot include a S sign in your response. Round to the nearest two decimal places if necessary.,) Answer: Check
Suppose the market was made up of two demanders. Demander 1 has a demand function given by: qp = 100 - 2P. Demander 2 has a demand function given by: qp = 250 - 4P. The horizontal summation of these two demand functions will, when graphed, have a kink (point where the slope changes). Determine the price associated with the kink in the total demand function. (Do not include a dollar sign in your response. Round to the nearest 2...
Question 25 Norver Suppose that the choke price of a good was $89. If the price of that good is 566, then the quantity demanded is 23 units. Calculate the consumer surplus for this good. (Do not include a sign in your response. Round to the nearest two decimal places if necessary.) ansivered Points out of 2.22 Р Answer: evious page
Question 15 Suppose the own-price elasticity of demand for Good X was -0.5. If the price of Good X goes up by 4%, determine the percentage change in quantity demanded. (Remember to include the appropriate sign. Do not include a % sign in your response.) Tries remaining: 2 Points out of 5.00 Flag question Answer: Check
suppose demand for good X is given by QX = –5PX + 10PY + 1.25I. Suppose PY=$1 and I=$12. What is the equation for the own-price demand curve? What is the slope of the own-price demand curve? Calculate the price elasticity of demand if PX = $2. Interpret your result
Question 2 Tries remaining: 2 Points out of 7.70 P Flag question Suppose the demand for jackets was given by: Qp- 190 -0.2P. The supply of jackets is given by: Qs- 2P -30. Suppose the price was $34 per jacket. Calculate whether there is a surplus or shortage of jackets at that price and the quantity of jackets associated with the surplus or shortage. Enter your response as Qs Negative numbers indicate shortage. Positive numbers indicate surplus. (Round to the...
Question 6 Tries remaining: 2 Points out of 7.70Calculate the dollar amount of government expenditures for the price support policy. The demand for corn is given by: Qp 148-0.2P. The supply of corn is given by: Qs- 10P -260. The government has a price support policy of $560 Flag question (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
Question 11 Suppose that a price-searcher firm had consumers who were all identical to each other. The individual consumer's demand function is given by: qp- 40 -3P. The firm decides to try a second-degree price discrimination scheme. The first 18 units will have a price of $7.33. After that, any units a consumer purchases will be only $2.33. The firm has a constant marginal cost of $1.33 per unit. Calculate the consumer surplus. Tries remaining:2 Points out of 8.33 Flag...
Question 6 Tries remaining:2 Points out of 7.70 The demand for corn is given by: Q- 175-0.5P. The supply of corn is given by: Qs- 9P-110 The government has a price support policy of $100. Calculate the dollar amount of government expenditures for the price support policy. Flag question (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
Suppose that a price-searcher firm had a demand function for its product given by: Qp= 200- 10P. Find the marginal revenue function. Fill in the blank below. MR = 20 - (Note that the negative sign has already been provided. You do not need to include it in your response. Round to the nearest two decimal places.) Check