For questions 7a-7d, use the following functions, one of which represents supply, and the other represents...

For questions 7a-7d, use the following functions, one of which represents supply, and the other represents demand. (1) P = -100Q + 1000 (2) P = 50Q + 250

7a. Equation (1) represents supply/demand, and equation (2) represents supply/demand.

7b. What is the equilibrium quantity Q*?

7c. What is the equilibrium price P*

7d. Suppose that the price floor imposed at $700. This would create an excess supply/demand of 6,9,3,5,11

Solutions

Expert Solution

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Use the following demand and supply functions:

Use the following demand and supply functions: Demand: Qd= 900 - 60P Supply: Qs= -200 + 50PIf the price is currently $11, there is asurplus of 110 units.shortage of 240 units.surplus of 350 units.shortage of 700 units.

Use the following market supply and demand functions to answer questions PD = 5000 − 25QD...

Use the following market supply and demand functions to answer questions PD = 5000 − 25QD PS = 15QS Solve for the equilibrium price and quantity. What is the consumer surplus and producer surplus generated by this market? If there were an added fixed cost of production equal to 1000, what is the new equilibrium price and quantity? 1 How do the producer and consumer surpluses change, respectively, as a consequence of the additional fixed cost given in question 11?...

7. You are given two functions and told that one represents the market supply function and...

7. You are given two functions and told that one represents the market supply function and the other represents the market demand function for the corn industry. The functions are given by P = 2 + .5Q and P = 20 – Q. a. Which is the market demand and which is the market supply and explain how you know? (3) b. Given the market supply and demand functions for corn above, what is the equilibrium quantity and price of...

9. Suppose the following set of simultaneous equations represents the demand and supply functions for Beef...

9. Suppose the following set of simultaneous equations represents the demand and supply functions for Beef (B) and Chicken (C) fillets in the Barbecue market: For Beef: QdB = 82 – 3PB + PC QsB = -5 + 15 PB For Chicken: QdC = 92 + 2PB – 4PC QsC = -6 + 32PC Find the equilibrium conditions (price and quantity) for each product. 10. The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived...

Which one of the following insurance producer functions involves locating persons, businesses, and other entities that...

Which one of the following insurance producer functions involves locating persons, businesses, and other entities that may be interested in purchasing the insurance products and services offered by the producer’s principals? Select one: a. Prospecting b. Policy issuance c. Risk management review d. Sales

Use the information provided below to answer the following questions: Represents the initial demand curve; Represents...

Use the information provided below to answer the following questions: Represents the initial demand curve; Represents individual new demand curve associated with positive network externalities and; the Draw a graph showing positive network externalities in economics Calculate pure price effect Calculate bandwagon effect Calculate total effect

Use the data given in the table to answer the following questions. The data represents the...

Use the data given in the table to answer the following questions. The data represents the average number of miles that a salesperson travels in a day verses the number of sales made each month. Miles, x 24 32 75 41 76 107 32 46 112 Sales, y 76 58 190 112 141 235 24 147 188 (a) What is the value of the correlation coefficient for this set of data? Round to 3 decimal places. (b) What is the...

Use the chart of data below to answer the following questions. This data represents enrollment for...

Use the chart of data below to answer the following questions. This data represents enrollment for the Fall semesters 2013 – 2017 years. Part a: Is being part time dependent upon gender? Part b: Is the probability of being a male student enrolled (or female) dependent upon year? Part c: Create a probability tree, with the appropriate probabilities using the data from the table. Assume the tree is showing the PT or FT probabilities given the gender of the student....

1. The following two linear functions represent a market (thus one is a supply function, the...

1. The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will suppliers willingly supply if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)? Q = 100 – 4.6P and Q = 75 + 6.2P Possible answers: 2.3 84.3 86.2 89.3 ...

Which of the following is one of the four main functions of theFederal Reserve?To...

Which of the following is one of the four main functions of the Federal Reserve?To regulate student loan debt and interestTo issue bonds to consumers and increase money supplyTo grant loans to consumers with low interest ratesTo serve as the banker for the government

Subjects