Question
In: Advanced Math
Q1. The following table shows the quantity supplied and quantity demanded of a commodity at certain...
Q1. The following table shows the quantity supplied and quantity demanded of a commodity at certain unit prices.
Unit Price
$1.50
1150
340
Quantity Demanded
$2.75
712.5
652.5
Quantity Supplied
$3.25
537.5
777.5
a. From the information given in the table above, describe in your own words, how would you go about showing that the quantity demanded and supplied are linear functions of price, without having to plot a graph.
b. By demonstrating what you have describe above, show that the quantity demanded and supplied are linear functions of price and that price is equal to $2.85 when quantity demanded is equal to quantity supplied.
Q4. A fish processing company in Charlotteville processes three types of products: Type A, Type B and Type C. Its operations involve three basic activities: cleaning, cutting and packaging. Type A products require 4 minutes of cleaning 2 minutes of cutting and 2 minutes of packaging time. Type B products require 6 minutes of cleaning 4 minutes of cutting and 2 minutes of packaging time. Type C products require 8 minutes of cleaning 2 minutes of cutting and 4 minutes of packaging time.
Given that the total time available for cleaning, cutting and packaging is 3.5hours, 2.5 hours and 1.5 hours respectively.
a. Clearly defining your variables, show the model which represents the information given in this problem. State any restrictions on the variables in the problem.
Solutions
Colby Messinger answered 2 years agoRelated Solutions
The following table shows the market for cranberries: Price (kgs) Quantity demanded (kgs) TR Quantity supplied...
The following table shows the market for cranberries:
Price (kgs)
Quantity demanded (kgs)
TR
Quantity supplied (kgs)
$ 10
0
40
$ 8
10
30
$ 6
20
20
$ 4
30
10
$ 2
40
0
a. (2) Determine the price
elasticity of demand for cranberries as the price changes from $8
to $6. Use the midpoint formula. Is demand elastic or
inelastic?
b. (2) Which price
range maximizes total revenue for sellers? What is the price
elasticity of demand...
The table below shows the quantity demanded and supplied in the labor market for economics professors...
The table below shows the quantity demanded and supplied in the
labor market for economics professors at the I'MaState University,
where all the professors belong to a union.
Annual Salary
Quantity of workers demanded
Quantity of workers supplied
$50,000
95
20
$60,000
80
30
$70,000
65
40
$80,000
50
50
$90,000
35
60
$100,000
20
70
1. If no union existed, the equilibrium salary for economics
professors at I'MaState University, will be .
2. If the union has enough negotiating...
The following table shows the real output demanded and supplied at various price levels in a...
The following table shows the real output demanded and supplied
at various price levels in a hypothetical economy.
Real Output Demanded
Price Level
Real Output Supplied (Billions of dollars)
(Billions of dollars)
(Index number)
(Billions of dollars)
5
90
70
10
60
65
20
30
50
40
20
40
70
10
10
On the following graph, use the blue points (circle symbols) to
plot the aggregate demand (Initial AD) curve for the economy. Then
use the orange points (square symbols)...
1- Create a hypothetical market (make a table showing values for Quantity Supplied, Quantity Demanded and...
1- Create a hypothetical market (make a table showing values for
Quantity Supplied, Quantity Demanded and Price). Any values you
like and make sense! Make at least 10 data points. 2- Write The
supply & demand equations showing the slope and intercept.
Comment on the two equations and on the values of the slope and
intercept. What do they mean? 3- In the market that you have
created calculate consumer surplus and producer surplus and show
both in one separate...
1- Create a hypothetical market (make a table showing values for Quantity Supplied, Quantity Demanded and...
1- Create a hypothetical market (make a table
showing values for Quantity Supplied, Quantity Demanded and Price).
Any values you like and make sense! Make at least 10 data
points.
2- Write The supply & demand equations
showing the slope and intercept. Comment on the two equations and
on the values of the slope and intercept. What do they mean?
3- In the market that you have created calculate
consumer surplus and producer surplus and show
both in one separate...
The following table shows a money demand schedule, which is the quantity of money demanded at...
The following table shows a money demand schedule, which is the
quantity of money demanded at various price levels (P).
Fill in the Value of Money column in the following table.
Price Level (P)
Value of Money (1/P)
Quantity of
Money Demanded
(Billions of
dollars)
0.80
2.0
1.00
2.5
1.33
4.0
2.00
8.0
Now consider the relationship between the price level and the
quantity of money that people demand. The higher the price level,
the money the typical transaction requires,...
Use the table below to answer questions 1 and 2. Price Quantity Demanded Quantity Supplied $8...
Use the table below to answer questions 1 and 2.
Price Quantity Demanded Quantity Supplied
$8 200 1,000
$6 400 800
$4 600 600
$2 800 400
1. Setting a price floor of $8 would cause a market surplus in the
amount of:
a. 400 units. b. 500 units. c. 600 units. d. 800 units.
2. Setting a price ceiling of $2 would cause a market shortage in
the amount of:
a. 400 units. b. 500 units. c. 600 units....
From the table below giving the quantity demanded of a commodity (Y), its price (X10, and...
From the table below giving the quantity demanded of a
commodity (Y), its price (X10, and consumer income (X2) from 1996
to 2015,
Find the least-squares regression equation of Y on X1 and X2
USING EXCEL’S DATA ANALYSIS TOOL.
Test at the 5 percent for the statistical significance of the
slope parameters,
Find the adjusted and the adjusted coefficients of
determination, and
Test at 5 percent level for the overall statistical
significance of the regression.
Show all your results to...
An increase in the demand for notebooks raises the quantity of notebooks demanded but not the quantity supplied.
“An increase in the demand for notebooks raises the
quantity of notebooks demanded but not the quantity supplied.” Is
this statement true or false? Explain in details.
Relationship between Price, Quantity Demanded and Quantity Supplied The concept is that there is an inverse...
Relationship between Price, Quantity Demanded and
Quantity Supplied
The concept is that there is an inverse relationship between
price of a good and the quantity demanded and a direct relationship
between the price of a good and the quantity supplied. For example,
an increase in the price will cause a decrease in the quantity
demanded and an increase in the quantity supplied.
Choose a good or service and speculate how the quantity demanded
or supplied will change with a given...
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