Homework Answers
Supply Function
Q = 15P -300
Inverse Supply function
15P = Q+300
P= Q/15 +20
Hence inverse supply function is a function of quantity .
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Consider the following function: Q15P -300. Determine the inverse supply function
200 5. Suppose you are given the following inverse demand function, p and the inverse supply...
200 5. Suppose you are given the following inverse demand function, p and the inverse supply Q+1 function, p=5+0.50. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q* and equilibrium price p*. 6. Suppose the labour demand function is giverlas w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour...
QUESTION 17 Consider the inverse demand and inverse supply functions for beachfront rentals in Ocean City,...
QUESTION 17 Consider the inverse demand and inverse supply functions for beachfront rentals in Ocean City, New Jersey Demand: p = 1,000 - Q + Y /20 Supply: P = 012 - Y 140 where p is the rental price, Qis the quantity of rentals, and is the median income of market participants. The equilibrium quantity as a function of income is Q* - 1/3(1000 +Y/30) Q* - 5/4(2000 - Y/20) Q* - 2/3(1000 + Y/40) Q* - 1/4(1000 -...
Consider a market characterized by the following inverse demand and supply functions: PX = 40 -...
Consider a market characterized by the following inverse demand and supply functions: PX = 40 - 4QX and PX = 10 + 2QX. Compute the surplus received by consumers and producers.
10 11 1U U JU11CI1115 VIVER 19. Consider the (inverse demand and supply functions, respectively pra by Qa=300-10P (...
10 11 1U U JU11CI1115 VIVER 19. Consider the (inverse demand and supply functions, respectively pra by Qa=300-10P (or P=30-(1/10)Qd) and Qs=20P (or P=(1/20)Qs). a. Graphically illustrate and label the market, equilibrium, and es welfare (i.e. CS, PS, TS, DWL). b. Numerically calculate the CS, PS, TS, and DWL. noti
20. Again, consider the (inverse) demand and supply functions, respectively provided by Qa=300-10Pd (or Pd=30-(1/10)Q) and...
20. Again, consider the (inverse) demand and supply functions, respectively provided by Qa=300-10Pd (or Pd=30-(1/10)Q) and Qs=20Ps (or Ps=(1/20)Qs) that now account for pd and Ps. Now consider t=5 where Pd. Ps=t. a. Graphically illustrate the market, new equilibrium, and economic welfare (i.e. CS, PS, TS, and DWL). b. Numerically solve for pd, ps, and the corresponding Qen. C. Numerically calculate the CS, PS, TS, and DWL.
1. Consider an industry with a supply function given by Q =−300 + 15P . The...
1. Consider an industry with a supply function given by Q =−300 + 15P . The market demand function is given by P = $25 (a) Draw a diagram that shows producer surplus and variable cost at the equilibrium point. (make sure to indicate euilibrium quantity). (b) Compute the producer surplus and variable cost of the industry at the equilibrium point. (c) What’s the consumer surplus at the equilibrium price? Why? (d) What effect on consumer and producer surplus (welfare)...
5.1 If the inverse demand function for books is p 60 q and the supply function...
5.1 If the inverse demand function for books is p 60 q and the supply function is q p,what is the initial equilibrium? What is the welfare effect of a specific tax of t = $2 per unit on the equilib- rium, CS, PS, welfare, and DWL? M
Q2. Consider the general supply function: Qs = 1,000 + 20 P - 9 PI +25...
Q2. Consider the general supply function: Qs = 1,000 + 20 P - 9 PI +25 F Qs = quantity supplied P = price of the commodity PI = price of a key input in the production process F = number of firms producing the commodity b. Derive the equation for the supply function when PI = $480 and F = 60. (1 point) c. Sketch a graph of the supply function in part b. At what price does the...
Assuming the market price of coal is p=$300 (inverse supply P=0.2Q), calculate: A. Quantity supplied B.MWTA...
Assuming the market price of coal is p=$300 (inverse supply P=0.2Q), calculate: A. Quantity supplied B.MWTA by producers C.MC of production D. WTA by producers E. Total variable costs F. total revenue G. producer surplus
Consider a monopolist facing the following inverse demand function: P = 200 - Q The total...
Consider a monopolist facing the following inverse demand function: P = 200 - Q The total cost function is given by C = 100 + 50Q + 0.5Q^2 What is the monopolist's uniform profit-maximizing price? a. 130 b. 140 c. 150 d. 160
200 5. Suppose you are given the following inverse demand function, p and the inverse supply Q+1 function, p=5+0.50. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q* and equilibrium price p*. 6. Suppose the labour demand function is giverlas w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour...
QUESTION 17 Consider the inverse demand and inverse supply functions for beachfront rentals in Ocean City, New Jersey Demand: p = 1,000 - Q + Y /20 Supply: P = 012 - Y 140 where p is the rental price, Qis the quantity of rentals, and is the median income of market participants. The equilibrium quantity as a function of income is Q* - 1/3(1000 +Y/30) Q* - 5/4(2000 - Y/20) Q* - 2/3(1000 + Y/40) Q* - 1/4(1000 -...
10 11 1U U JU11CI1115 VIVER 19. Consider the (inverse demand and supply functions, respectively pra by Qa=300-10P (or P=30-(1/10)Qd) and Qs=20P (or P=(1/20)Qs). a. Graphically illustrate and label the market, equilibrium, and es welfare (i.e. CS, PS, TS, DWL). b. Numerically calculate the CS, PS, TS, and DWL. noti
20. Again, consider the (inverse) demand and supply functions, respectively provided by Qa=300-10Pd (or Pd=30-(1/10)Q) and Qs=20Ps (or Ps=(1/20)Qs) that now account for pd and Ps. Now consider t=5 where Pd. Ps=t. a. Graphically illustrate the market, new equilibrium, and economic welfare (i.e. CS, PS, TS, and DWL). b. Numerically solve for pd, ps, and the corresponding Qen. C. Numerically calculate the CS, PS, TS, and DWL.
5.1 If the inverse demand function for books is p 60 q and the supply function is q p,what is the initial equilibrium? What is the welfare effect of a specific tax of t = $2 per unit on the equilib- rium, CS, PS, welfare, and DWL? M
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