The demand for a particular commodity is given by D(x)=-35 x+200; that is, x units will be sold (demanded) at a price of p=D(x) dollars per unit.
a. Consumer expenditure E(x) is the total amount of money consumers pay to buy x units. Express consumer expenditure E as a function of x.
The function is
E(x)=
Consumer expenditure E(x) is the total amount of money consumers pay to buy x units.
At a price of $5, consumers buy 200 units of good X. When the price falls to $4, quantity demanded increases to 250 units. We can conclude that over this range, demand is: a. elastic. b. unit elastic. c. inelastic. d. perfectly inelastic.
The Demand and Supply functions, D (a) and S(9), for a particular commodity are given. Specifically, thousand units of the commodity will be demanded (sold) at a price of p= D (a) dollars per unit, while a thousand units will be supplied by producers when the price is p = S(q) dollars per unit. Find the consumers' surplus and the producers' surplus at equilibrium. D(q) = 65 - q'; $(a) = 12 + 2q + 5 O CS - $144,000;...
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(2 points) Suppose D(g)-1932 and S(12q+1 are the demand and supply functions for a particular commodity. That is, q thousand units of the commodity will be demanded (sold) at a price of p D() dollars per unit, while q thousand units will be supplied by producers when the price is p S(q) dollars per unit. a. Find the equilibrium price Po where supply equals demand Answer: Po dollars per unit b. Compute the consumers' surplus at...
Let Qd be the number of units of a commodity demanded by consumers at a given time t and let Qsdenote the number of units of the commodity supplied by producers at a given time t. Let p be the price in dollars of the commodity at time t. Suppose the supply and demand functions for a certain commodity in a competitive market are given, in hundreds of units, by Qs = 30 + p + 5 dp/dt Qd =...
23. The price, in dollars per unit, that consumers are willing to pay for the Trailmaster mountain bicycle is modeled by average p-980 - 90 In x, where x is in thousands of units. a. What price corresponds to a demand for 150,000 units? b. How many units will consumers buy at a price of $400 per bicycle?
D(x) is the? price, in dollars per? unit, that consumers are
willing to pay for x units of an? item, and? S(x) is the? price, in
dollars per? unit, that producers are willing to accept for x
units. Find
?(a?) the equilibrium? point, ?(b?)the consumer surplus at the
equilibrium? point, and ?(c?) the producer surplus at the
equilibrium point.
D(x)=
Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 133 units of their portable media player each week when the price is set at $46.20 per unit. At a unit price of $11.80, consumers are willing to buy 305 units per week. (a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related. p (b) Determine the weekly revenue function. R(x) (c) Determine the number of units...
1. Below is the marginal willingness to pay of a consumer for organic apples. 2.00 1.20 1.00 0.80 0.50 0.30 What is the individual's total willingness to pay at a consumption level of 4 apples? a. 2. The market demand for a commodity is made up by two consumers, Ants and Birgit. Their individual demand schedules are depicted in the table. Fill in the empty column and draw the demand schedule. Price Quantity demanded Quantity demanded Market demand in euro...
A company finds that the rate at which the quantity of a product that consumers demand changes with respect 3000 to price is given by D'(x) where x is the price per unit, in dollars. Find the demand function if x2 it is known that 502 units of the product are demanded by consumers when the price is $6.00 per unit. D(3C) =
D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. D(x)- (x-82, s(x)-x2+4x+4 (a) What are the coordinates of the equilibrium point? (Type an ordered pair.) (b) What is the...