“Want to see the Titanic up close? That’ll be $130,000.00 – and some courage” (Vancouver Sun...
“Want to see the Titanic up close? That’ll be $130,000.00 – and some courage” (Vancouver Sun Newspaper, Monday, January 22, 2018, p. NP3).
In assignment 2, we determined that
the mathematical Inverse Demand curve was: P = 216,400 – 1600
[Qd]. Suppose that in-depth research by the company
promoting this once-in-a-lifetime “Titanic up-close experience”
found their Inverse Supply curve to be P = 20,000 +
2,037.03[Qs]
- Using these values of the Inverse Demand and Inverse Supply
curves above, determine the Market Equilibrium PRICE and the Market
Equilibrium QUANTITY for the “once-in-a-lifetime Titanic up-close
experience.”
(4 Marks) - Using the information found above in part i, draw a GRAPH illustrating all the necessary points and from where each of the Producer Surplus and Consumer Surplus arise. Then determine the value of each of the PRODUCER SURPLUS and the CONSUMER SURPLUS generated in the market for “once-in-a-lifetime Titanic up-close experience.” (6 Marks)
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“Want to see the Titanic up
close? That’ll be $130,000.00 – and some courage”
(Vancouver Sun...
Want to see the Titanic up close? That’ll be $130,000.00 – and some courage” (Vancouver Sun...
Want to see the Titanic up close? That’ll be $130,000.00 – and some courage” (Vancouver Sun Newspaper, Monday, January 22, 2018, p. NP3). Last week, in assignment 2, we determined that the mathematical Inverse Demand curve was: P = 216,400 – 1600 [Qd]. Suppose that in-depth research by the company promoting this once-in-a-lifetime “Titanic up-close experience” found their Inverse Supply curve to be P = 20,000 + 2,037.03[Qs] i. Suppose the Society of once-in-a-lifetime Opportunities for All has successfully lobbied...
ECON 1150 ASSIGNMENT 4 [Total Marks = 10] "Want to see the Titanic up close? That'll...
ECON 1150 ASSIGNMENT 4 [Total Marks = 10] "Want to see the Titanic up close? That'll be $130,000.00 - and some courage" (Vancouver Sun Newspaper, Monday, January 22, 2018, P. NP3). Last week, in assignment 2, we determined that the mathematical Inverse Demand curve was: P= 216,400 - 1600 (Q.). Suppose that in-depth research by the company promoting this once-in-a-lifetime "Titanic up- close experience" found their Inverse Supply curve to be P=20,000+ 2,037.03[Q] Suppose the Society of once-in-a-lifetime Opportunities for...
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply...
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
This problem involves solving demand and supply equations todetermine equilibrium Price and Quantity and then...
This problem involves solving demand and supply equations to determine equilibrium Price and Quantity and then illustrating them graphically.Consider a demand curve of the form : QD= -3P + 45 where QD is the quantity demanded and P is the price of the good.The supply curve for the same good is: QS= P-5 where QS is the quantity supplied at price, P. Solve for equilibrium Price (P*) and Quantity (Q*). Please set up the problem and underline your answers below....
Please so work so I can use as study reference. Thank you :) 3) A competitive...
Please so work so I can use as study reference. Thank you :)
3) A competitive market has the inverse demand curve P 1000-25QP and the industry supply curve P 150+ 2505 a) Calculate the equilibrium price and quantity b) Sketch the S and D diagram. Label the axes, the curves, the equilibrium, and the vertical c) Calculate consumer surplus and producer surplus in equilibrium
I need help understanding how to graph the inverse functions. I have you all th steps but it's pa...
I need help understanding how to graph the inverse functions. I
have you all th steps but it's part C i dont get. I dont know how
to translate the informstion into the graph so cpuld you please
shoe me step by step.
3. (25 points) The market demand function for corn is Q'(P) 5-2P and the market supply function for corn is Q(P)5P 6, where both quantities are measured in billions of bushels per year (a) (5 points) Calculate...
please help me! thanks 2. Suppose the market for laser pointers consists of 2 types of...
please help me! thanks
2. Suppose the market for laser pointers consists of 2 types of people. One group of consumers has an individual demand of gprof 13-1P and the other groups has an individual demand of gCal-20- (a) [4 marksl If there are 30 consumers with a demand of (gprof and 8 consumers with a demand of gcat: then what is the (inverse) market demand curve P(Q") 38 people)? Illustrate it in a graph. (b) [5 marksj Suppose the...
Assume we divide up the world into two regions: the United States and the rest of...
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share 150 Demand For #9 to # 17, suppose the global crude oil market is perfectly...
share 150 Demand For #9 to # 17, suppose the global crude oil market is perfectly competitive. Quantity (Q) units are millions of barrels/day and price (P) units are $/barrel. The inverse demand function is: PPQ) = 165 - Q The inverse supply function is: P (Q) = 15+Q/2 The market equilibrium quantity and price are respectively, Q = 100 barrels oil/day and PME $65/barrel. The Demand and Supply are plotted to the right. 100 C Supply p65 50 D...
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2...
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2 Equilibrium: q-q=9 a. Find the inverse domand and supply equations. (4 pts.) b. Algebraically find the equilibrium price (p) and quantity (q) of good X. (4 pies) c. Carefully and nearly draw the inverse supply and demand curves you found in purta. In constructing your graph, use the following values of : 0.2 and 4 i.e., coordinates (9), (2.__): (4. ): ctc.). Be sure...
ECON 1150 ASSIGNMENT 4 [Total Marks = 10] "Want to see the Titanic up close? That'll be $130,000.00 - and some courage" (Vancouver Sun Newspaper, Monday, January 22, 2018, P. NP3). Last week, in assignment 2, we determined that the mathematical Inverse Demand curve was: P= 216,400 - 1600 (Q.). Suppose that in-depth research by the company promoting this once-in-a-lifetime "Titanic up- close experience" found their Inverse Supply curve to be P=20,000+ 2,037.03[Q] Suppose the Society of once-in-a-lifetime Opportunities for...
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
Please so work so I can use as study reference. Thank you :)
3) A competitive market has the inverse demand curve P 1000-25QP and the industry supply curve P 150+ 2505 a) Calculate the equilibrium price and quantity b) Sketch the S and D diagram. Label the axes, the curves, the equilibrium, and the vertical c) Calculate consumer surplus and producer surplus in equilibrium
I need help understanding how to graph the inverse functions. I
have you all th steps but it's part C i dont get. I dont know how
to translate the informstion into the graph so cpuld you please
shoe me step by step.
3. (25 points) The market demand function for corn is Q'(P) 5-2P and the market supply function for corn is Q(P)5P 6, where both quantities are measured in billions of bushels per year (a) (5 points) Calculate...
please help me! thanks
2. Suppose the market for laser pointers consists of 2 types of people. One group of consumers has an individual demand of gprof 13-1P and the other groups has an individual demand of gCal-20- (a) [4 marksl If there are 30 consumers with a demand of (gprof and 8 consumers with a demand of gcat: then what is the (inverse) market demand curve P(Q") 38 people)? Illustrate it in a graph. (b) [5 marksj Suppose the...
share 150 Demand For #9 to # 17, suppose the global crude oil market is perfectly competitive. Quantity (Q) units are millions of barrels/day and price (P) units are $/barrel. The inverse demand function is: PPQ) = 165 - Q The inverse supply function is: P (Q) = 15+Q/2 The market equilibrium quantity and price are respectively, Q = 100 barrels oil/day and PME $65/barrel. The Demand and Supply are plotted to the right. 100 C Supply p65 50 D...
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2 Equilibrium: q-q=9 a. Find the inverse domand and supply equations. (4 pts.) b. Algebraically find the equilibrium price (p) and quantity (q) of good X. (4 pies) c. Carefully and nearly draw the inverse supply and demand curves you found in purta. In constructing your graph, use the following values of : 0.2 and 4 i.e., coordinates (9), (2.__): (4. ): ctc.). Be sure...
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