Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are...
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -250 + 50p D(p) = 1000 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $(Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number) (b) Determine the prices for...
Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= - 250 + 60p D(p) = 1100 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number.) (b) Determine...
The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations Q-24,000-500P Q-6,000+ 1,000P where P is measured in dollars and Q is the number of T-shirts sold per year. Complete derivations of equilibrium price and quantity below. Note: In equilibrium, quantity supplied is equal to quantity demanded. Therefore, Quantity Supplied Quantity Demanded 24,000-500P 6,000 + 1,000P 1,000P +500P 24,000-6,000 1,500P 18,000 If tourists decide they do not really like T-shirts that much, which of...
1) In the market for cotton, the quantity demanded and quantity supplied are expressed as QD = 500 − 25p and QS = 30p − 75 where P is the price per pound of cotton. What is the equilibrium price and equilibrium quantity? Please graph the demand and supply curves, and include the equilibrium price and quantity.
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 =...
Suppose Quantity Demanded is given by Qd(p) = 25 - 2 x p and Quantity Supplied is given by Qs(p) = 11 + 5 x p If the price is $3.00 Answer = There will be excess supply (a surplus) can you please explain the math behind this? how to calculate for surplus?
1. Using the following data: Price in $ Quantity demanded Quantity supplied 20 a) Find equilibrium P, Q. b) On one graph, graph both the demand and supply curves. c) If price was fixed at $10, what would be the result? d) If quantity supplied increases by 5 at every price level due to better technology and quantity demanded decreases by 5 at every price level due to lower incomes, what would be the new equilibrium P, Q?
18-19 Market equilibrium is where: supply equals demand quantity supplied equals quantity demanded nature balances the most equitable outcome QUESTION 19 The quilibrium price is the price that: equates supply and demand equates costs and revenues equates input and output equates quantity demanded and quantity supplied
The table below shows the market for probiotic yoghurt in Canada. Quantity Supplied (1) Quantity Demanded (2) Quantity Demanded (3) Quantity Supplied (2) Quantity Demanded (1) 130 125 120 Price ($) per carton 1.75 2.00 2.25 2.50 2.75 3.00 3.25 8 115 110 105 100 60 70 0 90 100 110 a. Suppose the price of a complementary product were to increase causing the demand to change by 20. Show the new demand in column 4 in the table above....
14. Let Qd, Qs and P be the quantity demanded, quantity supplied and price, respectively, of a certain 1 commodity. We assume that Qs =c1 +w1P +u1P′ +v1P′′ Qd =c2 +w2P +u2P′ +v2P′′ where the primes denote derivatives with respect to t, time. Now let c=c1−c2; u=u1−u2; v=v1−v2; w=w1−w2. (a) Using the typical Economics assumption that demand equals supply i.e. Qs = Qd, derive a non-homogenous O.D.E for P. (b) Given that w > 0 and c < 0, what...