Question

In: Advanced Math

The quantity demanded x of a certain brand of DVD player is 3000/week when the unit...

The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. The supply equation is also known to be linear.

(a) Find the demand equation.
p(x) =  



(b) Find the supply equation.
p(x) =  



(c) Find the equilibrium quantity and the equilibrium price.

equilibrium quantity      units
equilibrium price $

Solutions

Expert Solution

Colby Messinger answered 1 year ago
Next > < Previous

Related Solutions

The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price...
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $60, they are willing to market 1500 units. Both the demand and supply equations are known to be linear. Find the supply and demand equations. Find the equilibrium price and...
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price...
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $135. The quantity demanded each month is 1000 when the unit price is $105. The suppliers will market 700 espresso makers when the unit price is $66. At a unit price of $96, they are willing to market 2200 units. Both the supply and demand equations are known to be linear. (a) Find the demand equation. p =   (b) Find the supply...
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price...
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $170; the quantity demanded each month is 750 when the unit price is $150. The suppliers will market 750espresso makers if the unit price is $110. At a unit price of $130, they are willing to market 2250 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation. p = (b) Find the supply equation....
The quantity demanded x (in units of a hundred) of the Mikado miniature cameras/week is related...
The quantity demanded x (in units of a hundred) of the Mikado miniature cameras/week is related to the unit price p (in dollars) by p = −0.2x^2 + 220 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x^2 + 8x + 110 If the market price is set at the equilibrium price, find the consumers' surplus...
The quantity demanded of a certain electronic device is 1000 units when the price is $665....
The quantity demanded of a certain electronic device is 1000 units when the price is $665. At a unit price of $640, demand increases to 1200 units. The manufacturer will not market any of the device at a price of $90 or less. However for each $50 increase in price above $100, the manufacturer will market an additional 1000 units. Assume that both the supply equation and the demand equation are linear. (a) Find the supply equation. (b) Find the...
Price per DVD Quantity of DVD's demanded Quantity of DVD's supplied $ 8 18 DVD's 7DVD's...
Price per DVD Quantity of DVD's demanded Quantity of DVD's supplied $ 8 18 DVD's 7DVD's 9 16 10 10 13 13 11 10 20 12 9 24 13 7 26 14 5 29 a) Draw the demand and supply curves on the same graph. b) What is the equilibrium price and quantity demanded and supplied of DVD's? c) Would the price of $11 create a surplus or shortage of DVD's and by how many DVD's? d) What happens to...
In the town of Maplewood a certain type of DVD player is sold at just two...
In the town of Maplewood a certain type of DVD player is sold at just two stores. 38% of the sales are from store A and the rest of the sales are from store B. 7% of the DVD players sold at store A are defective while 3% of the DVD players sold at store B are defective. If Kate receives one of these DVD players as a gift and finds that it is defective, what is the probability that...
When economists want to obtain a measure of the responsiveness of quantity demanded for Good X...
When economists want to obtain a measure of the responsiveness of quantity demanded for Good X to changes in the price of Good X, they use the cross-price elasticity of demand. only the percentage change in quantity demanded. the price elasticity of demand. the slope of the demand curve.
When the price is $2, the quantity demanded is 10. When the price rises to $8, the quantity demanded falls to 2.
When the price is $2, the quantity demanded is 10. When the price rises to $8, the quantity demanded falls to 2. What is the value of the elasticity of demand? Is it elastic or inelastic?
John buys and consumes only two goods, X and Y. At point A on the demand curve for X, quantity demanded is 2 when the price of X is $4 a unit.
John buys and consumes only two goods, X and Y. At point A on the demand curve for X, quantity demanded is 2 when the price of X is $4 a unit. At point B, quantity demanded is 3 at price of X equal to $2 a unit. . Marginal rate of substitution between X and Y at point A is equal to 2. (MRSxy =2). At point B, MRSxy will be:151.00.502.0None of the above. Not enough information to determine
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT