4 (10 points total). Suppose that the supply of x units of a product at price...
Suppose that the supply of x units of a product at price p dollars per unit is given by the following. p = 30 + 60 In(8x + 2) (a) Find the rate of change of supply price with respect to the number of units supplied. dp dx = (b) Find the rate of change of supply price when the number of units is 31. $ (c) Approximate the price increase associated with the number of units supplied changing from...
Please explain (1 point) The number x of stereo speakers a retail chain is willing to sell per week at a price of p dollars is given by x- 81 vp + 20-350 Find the supply and instantaneous rate of change of supply when the price is 75 dollars. Supply Instantaneous rate of change of supply - stereo speakers speakers per dollar (1 point) The number x of stereo speakers a retail chain is willing to sell per week at...
Thank you so much! (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...
38) (20 points) Suppose the demand and supply curves RD 10 2P for a product are given by A. Find the equilibrium price and quantity B. If the current price of the product is $4, what is the quantity demanded and the quantity supplied? How would you describe this situation, and what would you expect to happen in this market? C. If the current price of the product is $1.5, what is the quantity demanded and the quantity supplied? How...
Suppose the price and supply of the watch are related by p= S(q) = 0.75q, where p is the price (in dollars) and q is the quantity supplied (in hundreds) of watches. Find the quantity supplied at each price. (h) $0 (i) $10 () $20 (k) Graph p 0.75q on the same axis used for part (g). (I) Find the equilibrium quantity and the equilibrium price. Suppose the price and supply of the watch are related by p= S(q) =...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are given by the following equations: D = 5000 - P QS = 3P – 200 where QD is the quantity of credits demanded, Q is the quantity supplied, and P is the price charged for each unit in dollars. (a) (3 points) What is the free-market equilibrium Price and Quantity. (b) (3 points) Suppose that the government wants to make education more accessible and...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are given by the following equations: Q D = 5000 − P Q S = 3P − 200 where QD is the quantity of credits demanded, QS is the quantity supplied, and P is the price charged for each unit in dollars. (a) (3 points) What is the free-market equilibrium Price and Quantity. 3 (b) (3 points) Suppose that the government wants to make education...
[10 points] Suppose the market demand and market supply curves for coffee are given by the following equations where P is the price per cup of coffee and Qc is the quantity of billion cups of coffee: Market Demand for Coffee: QD = 120 – 6P Market Supply of Coffee: Qs = -10 + 20P a. [2 points) What is the equilibrium price and equilibrium of coffee given the above information? Suppose the quantity of coffee supplied at every price...
The supply equation for a certain brand of radio is given as follows where x is the quantity supplied and p is the unit price in dollars. p s(x) = 0.3vx + 10 Use differentials to approximate the change in price when the quantity supplied is increased from 16900 units to 17400. (Give your answer correct to the nearest cent.) The supply equation for a certain brand of radio is given as follows where x is the quantity supplied and...
Part 2 The demand function for Product X is Qd = 100 – 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units). Part 1What are the equilibrium price and quantity? (3 points)What is the consumer surplus in the market for Product X? (2 points)What is the producer surplus in the market...