Question

For the graph, the intersection is at (100,150). The line that slopes down starts at x=0, y=200 and goes down to x=400,y=0. The line that slopes up starts at x=0, y=50 which goes through the intercept1) Given the graph of a markets inverse supply and demand functions for good X (e.g. supply & demand curves) below, please a

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Date buci - 200-o.so, [prend Came] m P-50+ Os Oo-os 200-0.50 - soto 10=1004/22130 - (150) 100 & Edx - so e op Esx ods l. De a

Add a comment
Know the answer?
Add Answer to:
For the graph, the intersection is at (100,150). The line that slopes down starts at x=0,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is...

    Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...

  • Consider that the general demand function for a product X is estimated to be               Qd...

    Consider that the general demand function for a product X is estimated to be               Qd = 500 – 5P + 0.5M + 10PY - 2PZ Where Qd is quantity demanded of good X, P is price of good X, M is consumer income (in thousands), PY is price of good Y, and PZ is price of good Z.         a. Based on the estimated demand function, what is the relationship between good X and good Y; between good X...

  • Suppose that there two goods X and Y, available in arbitrary non- negative quantities (so the...

    Suppose that there two goods X and Y, available in arbitrary non- negative quantities (so the the consumption set is R2). The consumer has preferences over consumption bundles that are strongly monotone, strictly convex, and represented by the following (differentiable) utility function: u(x, y)-y+2aVT, where z is the quantity of good X, and y is the quantity of good Y, and a 20 is a utility parameter The consumer has strictly positive wealth w > 0. The price of good...

  • An economic consultant for X Corp. recently provided the firm’s marketing manager with this estimate of the demand function for the firm’s product:

    An economic consultant for X Corp. recently provided the firm’s marketing manager with this estimate of the demand function for the firm’s product: Q d x = 98 − 4Px + 6Py − 1M where Qd x represents the amount consumed of good X, Px is the price of good X, Py is the price of good Y , and M is income. Suppose good Y sells for $2 per unit and consumer income is $10. (a) Are goods X and Y substitutes...

  • Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2...

    Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2 +0.001Y, where Own price, Px = $120 Quantity demanded = 13.75 Price of a related good, Py = $6 Price of a related good, Pz = $275 Consumer income, Y = $20,000 The income elasticity of demand, s, when equilibrium quantity is 13.75 units and income is $20,000 is equal to : (Enter a numeric response using a real number rounded to three decimal...

  • Consider the following demand function for good x -9-0.1p-Py+0.01p2+0.001Y, where Own price, P $30 Quantity demanded...

    Consider the following demand function for good x -9-0.1p-Py+0.01p2+0.001Y, where Own price, P $30 Quantity demanded 28.75 Price of a related good, Py $5 Price of a related good, P $275 Consumer income, Y- $25,000 The income elasticity of demand,when equilibrium quantity is 28.75 units and income is $25,000 is equal to (Enter a numeric response using a real number rounded to three decimal places)

  • 1) Suppose that the demand for good Y is given by the equation: Qdy = 200-...

    1) Suppose that the demand for good Y is given by the equation: Qdy = 200- 2Py + 3Px, where Px is the price of good X and Py is the price of good Y. Based on this equation we can conclude that: A) Good X and good Y are complementary goods B) When the price of X goes down the quantity demanded of Y goes up C) Good X and good Y are substitute goods D) When the price...

  • The utility function is given by U(x, y) = xy2 . (a) Write out the demand...

    The utility function is given by U(x, y) = xy2 . (a) Write out the demand functions for goods x and y in terms of I, px, and py. (b) What is the maximum utility the consumer can achieve as a function of I, px, and py?   (c) What is the minimum the consumer needs to spend to achieve a level of utility U as a function of px, and py?   (d) The initial income is $576, initial prices are...

  • 1) Suppose that the demand is given by the equation: Qd = 200 - 2P. if...

    1) Suppose that the demand is given by the equation: Qd = 200 - 2P. if the market price is 20, what is the consumer surplus? A) 8,100 B) 6,400 C) 81,000 D) 64,000 2) Suppose that the demand for good Y is given by the equation: Qdy = 40- 2Py + Px, where Px is the price of good X and Py is the price of good Y. If Py is $16, and Px is $8 , what is...

  • Price Changes (16 points) The utility function is given by U(x, y) = xy2 . (a)...

    Price Changes (16 points) The utility function is given by U(x, y) = xy2 . (a) Write out the demand functions for goods x and y in terms of I, px, and py. (2) (b) What is the maximum utility the consumer can achieve as a function of I, px, and py? (2) (c) What is the minimum the consumer needs to spend to achieve a level of utility U as a function of px, and py? (2) (d) The...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT