Question
In: Advanced Math
Supply: logP= -15.00+1.50 logQ Demand: logP=5020-0.75 logQ 1. Create a table as shown. The first column...
Supply: logP= -15.00+1.50 logQ
Demand: logP=5020-0.75 logQ
1. Create a table as shown. The first column contains values of Q from 500 to 10,000, in intervals of 500
2. Plot the supply and demand on the diagram. Label right X and Y axes
| Q | Log Q | Supply (log P) | Demand (log P) | Supply (P) | Demand (P) |
|---|---|---|---|---|---|
| 500 | |||||
| 1,000 | |||||
| … | |||||
| 9,500 | |||||
| 10,000 |
New supply: logP=-15.00+1.50 logQ+0.90
1. Create 2 new columns of‘New supply (log P)’ and 'new supply (P) for the new supply
2. Add the new supply curve to the existing diagram. Label the new supply curve
Solutions
Expert Solution
| Q | Log(Q) | Supply (log P) | Demand (log P) | New supply (log P) | New supply (P) |
| 500 | 2.69897 | -10.95154499 | 5017.975772 | -10.05154499 | 8.88086E-11 |
| 1000 | 3 | -10.5 | 5017.75 | -9.6 | 2.51189E-10 |
| 1500 | 3.17609 | -10.23586311 | 5017.617932 | -9.335863111 | 4.61463E-10 |
| 2000 | 3.30103 | -10.04845501 | 5017.524228 | -9.148455007 | 7.10469E-10 |
| 2500 | 3.39794 | -9.903089987 | 5017.451545 | -9.003089987 | 9.9291E-10 |
| 3000 | 3.47712 | -9.784318118 | 5017.392159 | -8.884318118 | 1.30521E-09 |
| 3500 | 3.54407 | -9.683897933 | 5017.341949 | -8.783897933 | 1.64476E-09 |
| 4000 | 3.60206 | -9.596910013 | 5017.298455 | -8.696910013 | 2.00951E-09 |
| 4500 | 3.65321 | -9.520181229 | 5017.260091 | -8.620181229 | 2.39783E-09 |
| 5000 | 3.69897 | -9.451544993 | 5017.225772 | -8.551544993 | 2.80837E-09 |
| 5500 | 3.74036 | -9.389455966 | 5017.194728 | -8.489455966 | 3.23999E-09 |
| 6000 | 3.77815 | -9.332773124 | 5017.166387 | -8.432773124 | 3.6917E-09 |
| 6500 | 3.81291 | -9.280629965 | 5017.140315 | -8.380629965 | 4.16265E-09 |
| 7000 | 3.8451 | -9.23235294 | 5017.116176 | -8.33235294 | 4.65208E-09 |
| 7500 | 3.87506 | -9.187408105 | 5017.093704 | -8.287408105 | 5.15931E-09 |
| 8000 | 3.90309 | -9.14536502 | 5017.072683 | -8.24536502 | 5.68375E-09 |
| 8500 | 3.92942 | -9.105871611 | 5017.052936 | -8.205871611 | 6.22484E-09 |
| 9000 | 3.95424 | -9.068636236 | 5017.034318 | -8.168636236 | 6.78209E-09 |
| 9500 | 3.97772 | -9.033414592 | 5017.016707 | -8.133414592 | 7.35505E-09 |
| 10000 | 4 | -9 | 5017 | -8.1 | 7.94328E-09 |
Plot:
Colby Messinger answered 3 years agoRelated Solutions
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