Quadratic Functions #2(in image) 2. Suppose that in her first month Yaseen is able to create 15 kits. How much should she chargefor each of these kits based on her supply function? How much should she charge for each ofthese kits based on her demand function? Show your work. When a company offers a new product or service, they estimate how much of that product orservice people will want at different prices. This is referred to as the product or service demand.As the price of a product or service increases, the demand usually decreases, and this drives theprice down.Companies use the estimated demand to determine how much of a product or service they arewilling to supply at different prices. As the price of a product or service increases, companies arewilling to supply more of it because they will earn more money.If you graph the demand and the supply curves on the same xy-plane, they will sometimesintersect at the point where the price and the supply are in equilibrium.Consider the scenario below.Yaseen is a local artist who wants to increase theamount of money she earns every month byselling at-home painting kits. These kits willinclude a photograph of the finished painting, alink and password to Yaseen's YouTube channelwhere she will provide detailed instructions anda step-by-step demonstration of how to createthe painting. The kit also contains the canvas,and all the paints the buyer will need. Yaseenwill create a new kit for sale each month.Yaseen estimates that the monthly demand for her painting kits can be modeled by the functionf(x) = 0.02 (x – 100)², where 0 < x < 85. The number of kits that Yaseen can supply eachmonth is modeled by the function g(x) = 0.01x² + 0.5x, where 0 < x < 100. The value of xrepresents the quantity of kits and the output of each function is the price.Use this information and what you know about quadratic functions and systems of non-linearequations to explore the questions below.

Question 2: The demand (dd) for a product shows the quantity that a consumer desires to purchase at…

2. Suppose that in her first month Yaseen is able to create 15 kits. How much should she charge for each of these kits based on her supply function? How much should she charge for each of these kits based on her demand function? Show your work.

2. Suppose that in her first month Yaseen is able to create 15 kits. How much should she charge for each of these kits based on her supply function? How much should she charge for each of these kits based on her demand function? Show your work.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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When a company offers a new product or service, they estimate how much of that product or service people will want at different prices. This is referred to as the product or service demand. As the price of a product or service increases, the demand usually decreases, and this drives the price down. Companies use the estimated demand to determine how much of a product or service they are willing to supply at different prices. As the price of a product or service increases, companies are willing to supply more of it because they will earn more money. If you graph the demand and the supply curves on the same xy-plane, they will sometimes intersect at the point where the price and the supply are in equilibrium. Consider the scenario below. Yaseen is a local artist who wants to increase the amount of money she earns every month by selling at-home painting kits. These kits will include a photograph of the finished painting, a link and password to Yaseen’s YouTube channel where she will…
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