Question

In: Economics

The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given...

The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given by QD = 3,200 -25P, where Q = the number of tourists served each month and P is the price per roundtrip tour on a river boat for each couple. The supply of romantic river-boat tours is given by QS = 15P - 800

What is the Supply Choke price?

Solutions

Expert Solution

** Please upvote if answer was helpful**

We know that equilibrium is when quantity demanded = quantity supplied

Thus Qd =Qs

OR 3200 - 25P = 15P - 800

OR 4000 = 40P

OR 1000 = P

Hence supply choke price is 1000

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given...
The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given by QD = 3,200 -25P, where Q = the number of tourists served each month and P is the price per roundtrip tour on a river boat for each couple. The supply of romantic river-boat tours is given by QS = 15P - 800 What is the Demand Intercept?
Life Span of Tires: A certain brand of automobile tires has a mean life span of...
Life Span of Tires: A certain brand of automobile tires has a mean life span of 35,000 miles and a standard deviation or of 2,250 miles. (Assume a bell-shape distribution). The span of three randomly selected tires are 34,000 miles, 37,000 miles, and 31,000 miles. Find the z-scores that correspond to each life span. Would any of these tires be considered unusual? The life spans of three randomly selected tires are 30,500 miles, 37,250 miles, and 35,000 miles. Using the...
Tire Kingdom installs automobile tires on a first-come-first-served basis. A random sample of 40 customers experienced...
Tire Kingdom installs automobile tires on a first-come-first-served basis. A random sample of 40 customers experienced an average wait time of 90.5 minutes. Assume that the standard deviation of the total wait time for all customers is 20.6 minutes. Determine the 90% confidence interval for this sample.
A small country’s demand curve is given by Q=10-(P/2) and its supply curve is given by...
A small country’s demand curve is given by Q=10-(P/2) and its supply curve is given by Q=P-5. Assume that there is initially free trade and that the world price under free trade is $7. If an import quota of 1.5 is now introduced in this country, what will be the change in this country’s government revenue (everything else being equal) if foreign firms have to acquire an import licence at full value? A increases by 7 B increases by 3...
Given that the interest rate can be determined by the equilibrium of the demand and supply...
Given that the interest rate can be determined by the equilibrium of the demand and supply of money, the central bank could raise or lower the interest rate indirectly by increasing or decreasing the money supply. Does the Bank of Canada take this approach? Why or why not? In March 2020, the Bank of Canada decided to lower the overnight interest rate from 75% to 0.25%. While the bank has a target for the overnight rate, the rate itself is...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,500 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,500 tires to the Nixon Car Company for $60 each. The terms of the sale were 3/20, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 2,700 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 2,700 tires to the Nixon Car Company for $80 each. The terms of the sale were 3/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,400 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,400 tires to the Nixon Car Company for $40 each. The terms of the sale were 3/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
An automobile traveling at 30.0 m/s has tires 60.0 cm in diameter. What is the angular...
An automobile traveling at 30.0 m/s has tires 60.0 cm in diameter. What is the angular velocity “w” (in rev/min) of the tires? If the tires are brought to a stop uniformly in 25 turns, what is the angular acceleration “a” (in rad/s2)? How far does the car travel during this braking period?
At Tires R Us, a retailer of tires, demand for the AAA tire is constant at...
At Tires R Us, a retailer of tires, demand for the AAA tire is constant at 32,000 tires per year. The cost of placing an order to replenish stock is $50, and the annual cost of holding is $8 per tire. Each tire costs Tires R US $55 and they retail them for $95. Stock is received 5 working days after an order has been placed. No backorders are allowed. Assume 300 working days per year. What is Tires R...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT