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The demand for your hand-made skateboards, in weekly sales, is q = -6p + 500 if...
The Metropolitan Company sells its latest product at a unit price of $8. Variable costs are estimated to be 40% of the total revenue, while fixed costs amount to $6,000 per month. How many units should the company sell per month in order to break even, assuming that it can sell up to 5,000 units per month at the planned price? ___units The demand for your factory-made skateboards, in weekly sales, is q = −5p + 50 if the selling...
Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P If the price is 14 (P=14) then the quantity (Q) at market disequilibrium would result in A shortage of 20 units A surplus of 20 URT A surplus cf2units A shortage units n
Qd - 500 - 4p: Demand Curve Equation .100+2p:Supply Curve Equation In equilibrium Q& In equilibriump-p Question 2.1) Compute equilibrium price (p*) and equilibrium quantity (Q*) quantitatively Question 2.2) Draw the demand and supply curves on a graph (Graph 1) with q on horizontal and p on vertical axis & show the equilibrium price and quantity. Make sure you label the axes and point out the horizontal and vertical intercepts of the demand curve. Question 2.3) Find Qd and Q...
6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P - 400 a. Calculate and graph the market equilibrium, P and Q b. If the government raises the price to $105, calculate and graph the surplus or shortage that it creates
1. Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown in the table below. Thousands of Bushels Demanded Price Thousands of Bushels Supplied 85 $3. 70 80 $ 4 80 75 $ 5 90 70 $6 100 65 $ 7 110 60 $ 8 120 a. What is the equilibrium price? b. At what price is there neither a shortage nor a surplus? c. Fill in...
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...
You can sell 60 pet chias per week if they are marked as $1 each, but only 50 per week if they are marked $2 per chia. Your chia supplier is prepared to sell you 10 chias per week if they are marked $1 per chia, and 20 per week if they are marked $2 per chia. At what price should the chias be marked so that there is neither surplus nor a shortage of chias?
Suppose the weekly demand and supply curves for used DVDs in
Lincoln, Nebraska, are as shown in the diagram:
Use the following values for the graph above:
A
B
C
D
E
F
G
H
I
20.00
19.00
17.50
13.00
10.00
4
10
28
80
Calculate the following at the equilibrium price of $17.50.
a. The weekly consumer surplus at the market equilibrium
price.
Instruction: Enter your response rounded to two
decimal places.
$ per week.
b. The weekly producer surplus...
Q. Given the following supply and demand functions, calculate consumer surplus. P = 600 − Qd P = 300 + 2QS Q. Consider the market for jet fuel in a remote regional airport. The domestic demand and supply curves are given as (Qs are gallons in thousands): P = 55 − 3QD P = 5 + 7 QS a) What is the market equilibrium price and quantity? b) If the government imposes a price ceiling of $28, what will be...
Consider the following equations: SUPPLY: Q=10+2P DEMAND: Q=60-3P b) If the government imposes a ceiling price (P max) of $8.50 per unit. Would it result in a shortage or a surplus or a surplus? Show in the graph.